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Mon 29 Mar 2010 05:14 PM

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DIB agrees financing deal worth $215m for Kharafi National

Dubai Islamic Bank to cover financing requirements for Habshan 5 Plant.

DIB agrees financing deal worth $215m for Kharafi National
TECHNOLOGY: DIB will cover the financing requirements for Kharafi National’s sub-contract with a JGC–Tecnimont joint venture to construct the Habshan 5 Process Plant.

Dubai Islamic Bank has agreed a financing deal worth $215m for Kharafi National, a Kuwait-based construction group with operations across the Middle East and Africa.

Under the agreement, DIB will cover the financing requirements for Kharafi National’s sub-contract with a JGC–Tecnimont joint venture to construct the Habshan 5 Process Plant for Gasco in Abu Dhabi.

The project, with a value of $728m, aims to increase Abu Dhabi’s offshore gas production capacity by 1 billion cubic feet per day, the company said in a release.

According to the company, Kharafi National the group is one of the biggest Kuwaiti conglomerates with diversified activities in water, wastewater treatment and reclamation, district cooling, solid waste management and enhanced oil recovery.

It is also a contractor and facilities management service provider to the petroleum, chemicals, power, water and commercial sectors in the Middle East and Africa.

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