Islamic finance deal of the year – Oman: Sanvira’s $360 million facility
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Islamic finance deal of the year – Oman: Sanvira’s $360 million facility

Name of borrower: Sanvira Carbon

Amount: $360 million

Tenor: Unspecified

Underwriter: Ahli Islamic

Date: May 2023

Proceeds of this deal are expected to support Sanvira Carbon’s flagship aluminium smelter project’s two phases of construction.

Phase 1 will see the development of a calcined petroleum coke plant with a capacity of 570,000 metric tons per year (MTPA). The upcoming phase 2 aims to establish a 300,000MTPA pre-baked anode manufacturing unit in the Sohar free zone.

The project is expected to generate value by bridging the gap between the demand for calcined petroleum coke and the availability of green petroleum coke.

In addition to having a positive impact on Oman’s economy, the project embodies the principles of a circular economy by minimising waste and reducing environmental impact. This aligns with Oman Vision 2040 and global sustainability objectives.

The project is also expected to boost employment, especially for Omani youth, with 200 job opportunities for young people expected to be created.

Ahli Islamic served as a financier to this project.

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