Ashurst advises Kuwait Petroleum International

Ashurst advised Kuwait Petroleum International (KPI), a subsidiary of Kuwait Petroleum Corporation, on its joint venture with Oman Oil Company to develop a major new green-field crude oil refinery and a petrochemical complex strategically located within the Special Economic Zone of Duqm in the Sultanate of Oman and valued at US$6 billion. KPI completed its purchase of a 50 per cent interest in Duqm Refinery and Petrochemical Industries Company in February 2018. Once completed the refinery, which will be built over a total of area of 900 hectares, will have the capacity to process around 230,000 barrels of crude oil per day. The refinery will process Kuwaiti crude oil providing an important strategic outlet to Kuwaiti’s crude oil.

Juan Riancho, KPI’s General Counsel, commented, “It has been a privilege working with Ashurst on this project. Renad Younes, David Charlier and Raquel Tarancon Plata and all the Ashurst team have been a great support to KPI showing enormous skills and professionalism throughout the project.”

Global co-head of oil and gas Renad Younes and Middle East head of finance David Charlier who both led the Ashurst team commented, “We are delighted to have supported KPI in finalising this transaction, which furthers their global footprint in the refining sector.  It has been a pleasure working closely with KPI’s General Counsel, Juan Riancho, and others in the KPI team on this challenging and interesting project”.

Younes and Charlier were supported by senior associate Brad Sandford and associate Raquel Tarancon Plata.