Qatar Islamic Bank (QIB) Group, which includes Asian Finance Bank based in Malaysia, has signed a Memorandum of Understanding with Malaysia’s Gulf Petroleum Berhard, a subsidiary of Gulf Petroleum, Qatar, for financing a $5bn oil and gas complex in the State of Perak, Malaysia. The project includes an oil refinery, a petrochemicals plant and petroleum terminal.
The MoU, signed by Salah Al Jaidah, Chief Executive Officer of QIB, and Abdul Aziz Al Duleimi, Chairman of Gulf Oil Co-Berhard Malaysia, stipulates that QIB would study and eventually lead a consortium of banks and financial institutions to arrange the funding covering both financing and equity elements of the project. The MoU also includes the advisory element towards the funding of the project.
Jean-Marc Riegel, QIB's General Manager - Investment Banking and Development Group, said: “It illustrates the international expansion strategy of the bank and enables QIB to be now considered as financial partner of national companies which have sizeable activities abroad. It's an evidence of the company's trust in our capability to lead such projects as we are bringing innovative Shariah compliant funding instruments including private equity, Sukuk and project financing to the market.”
Commenting on the project, Abdul Aziz Al Duleimi, Chairman of Gulf Oil Co-Berhard Malaysia, said: “This refinery shall enhance the link between the Middle East, the GCC in particular, and Malaysia and Southeast Asia. An oil and petrochemical terminal shall be established between the GCC and Southeast Asia."
- The Peninsula |
|
|