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Sanvira Carbon, Oman-based calcined petroleum coke (CPC) producer, is seeking to supply the regional aluminium smelter market in Qatar, Saudi Arabia, and Africa, according to a press statement by Omani bank Sohar International.
The bank and its Islamic window finance financed Sanvira Carbon’s $155.90 million CPC manufacturing facility in Sohar Port and Freezone, it said in the statement.
Sanvira is currently supplying finished CPC to Sohar Aluminium and BP Europa, along with high-grade sulphur green petroleum coke under a three-year supply contract to OQ Refineries.
The project, financed with an equity of $51.45 million and a term loan of $104.45 million, has a debt-equity ratio of 67:33.
Sohar International has split the term loan facility between conventional and Islamic tranches of $83.66 million and $20.79 million, respectively.
Ahmed Al Musalmi, CEO of Sohar International, said the bank is committed to supporting mega national projects contributing to the country’s economic development and diversification.
“Such projects are not just critical to the development of manufacturing industries, but also have the potential to strengthen the local communities by generating new job opportunities, creating in-country value and new value chains,” he said.
Sanvira Carbon was incorporated in December 2018 to set up, own, and operate a CPC manufacturing facility with an effective aggregate capacity of 440,000 metric tonnes per annum.
The company will bridge the value chain manufacturing gap between the availability of green petroleum coke in ORPIC’s oil refinery and the requirements for calcined petroleum coke at Sohar Aluminium, both of which operate in Sohar.
(Writing by P Deol; Editing by Anoop Menon)