MUSCAT: Maisarah Islamic Banking Services and Keryas Paper Industry LLC recently signed a memorandum of understanding (MoU) to finance Paper Factory of Keryas Paper Industry LLC.
The MoU was mutually signed by Fawaz Rajab al Ojaili Head of Corporate Banking Maisarah Islamic Banking Services, and Abdullah Umar al Hosni CEO Keryas Paper Industry LLC, at Sohar Industrial Estate, with the attendance of Eng Abdullah bin Salim al Kaabi DG Sohar Industrial Estate, Shaikh Muhab bin Ali al Hinai Head of Environmental Centre of Excellence Beah and other distinguished guests from and stakeholders.
On signing the MoU, Fawaz Rajab al Ojaili, Head of Corporate Banking Maisarah, noted: Maisarah is always keen to support and finance projects that have positive impact on the environment. Keryas project is in line with the vision of the Sultanate of Oman with regard to environmental protection. We are proud to take part in financing this project which adds value to the economy as well as to preserving the environment.
Keryas Paper Industry LLC will be the first Kraft Paper Manufacturing Mill in the Sultanate. The project will be located over a 60,000 square metre land in Sohar Industrial Area with a daily capacity of 600 tonnes per day. Keryas Paper Industry will have an annual capacity of approximately 198K tonnes per annum. The factory will be completed by Q4 2020 and commercial run is expected on January 1, 2021. Leading local and international contractors and technology providers are selected for the purpose.
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