Trowers&Hamlins were appointed as local counsel to advise a consortium of 21 international and local financial institutions on all legal aspects of the financing of a US$2.8billion loan arranged for Oman Oil Refineries and Petroleum Industries Company (ORPIC), primarily in relation to its refinery improvement project.
The loan will be applied towards certain large-scale projects of ORPIC over the coming years, including the US$2.1 billion Sohar Refinery Improvement Project (SRIP) designed to enhance the current production capacity of the refinery by more than 70%. The project will involve engineering, procurement, construction, start-up and commissioning services and will be 65% debt financed.
KPMG Fakhro and Trowers&Hamlins also announced the signing of a concession agreement between their client, the Bahrain Ministry of Transportation, and a joint venture comprising National Express plc and Ahmed Mansoor Al A'Ali to develop the public bus network in the country.
Once fully operational, around 140 state-of-the-art buses will run a series of routes connecting most areas of the country. The joint venture is intended to modernise and develop the bus transport system in Bahrain to meet the needs of an growing economy and population.