Top law firm Dentons advised Mashreqbank on the coordination of $88 million club contracting finance facilities for the engineering, procurement and construction of a petrochemical production facility in Fahud and Sohar in Oman (Liwa).
The facilities were used to finance the bonding of Tecnimont for the construction work.
Mashreqbank acted as the sole book runner, mandated lead arranger and co-ordinator. Although Mashreqbank has previously supported Tecnimont on other projects in the region, the Liwa represents the first major project that Mashreqbank has supported Tecnimont in Oman.
Dentons advised the banks on the structuring of the financing and supporting security requirements, covering the specific bonding requirements relating to the LIWA project construction, and the contract counterparty was Orpic Plastics.
Dentons Middle East senior partner Neil Cuthbert said: "We are delighted to have worked with Mashreqbank on another ground-breaking contractor financing involving the Maire Tecnimont Group".
The Dentons team was led by partner Cuthbert and associate Annabel Levick, in Dubai, with support from partner Sadaf Buchanan and senior associate Justine Harding in Muscat.