BAPCO $1 billion financing - Local Counsel to Financing Parties

Haya Rashed Al Khalifa Law Firm was appointed as local legal counsel as to matters of Bahraini law to BNP Paribas and other finance parties, including HSBC, Kuwait Finance House, Dubai Islamic Bank, Mizuho Corporate Bank, Arab Banking Corporation, Gulf International Bank, National Bank of Bahrain, Arab Petroleum Investment Corporation, ABC Islamic Bank and Japan Bank for International Cooperation (JBIC) in the raising of over US$1 billion in finance for Bahrain Petroleum Company, BAPCO. Norton Rose were appointed as lead legal advisors to the financing parties.

The finance package consisted of an Ijara Islamic lease facility of US$330 million, an export credit agency facility of US$311 million and a commercial facility of US$370 million.

The funds will be used for the further development of the BAPCO's oil refinery at Sitra, Bahrain.

The Haya Rashed Al Khalifa Law Firm team was headed by Arash Saidi and Nabeel Saeed, both specialists in the Bahraini aspects of Banking and Finance. Nabeel Saeed is recognised as an authority on Shari’a compliant banking and finance in the Middle East.

Details about BAPCO’s Sitra oil refinery and the redevelopment project can be found here:

Further information can be obtained from Nabeel Saeed at n.saeed@hraklf.com and Arash Saidi at a.saidi@hraklf.com or by telephone on (+973) 17 537771.