Arab Petroleum Investments Corp (Apicorp), Saudi Arabian development bank, has revealed a $100 million investment as part of a group of international and regional banks to fund the construction of Duqm Refinery in Oman.

The refinery, which is situated within the Duqm Special Economic Zone, is a joint venture between Kuwait Petroleum International and Oman Oil Company.

Apicorp said that it contributed $50 million as sharia-compliant finance, while the other $50 million is in conventional tranche to the refinery project.

The company also noted that the refinery will boost Oman’s exports and is a key driver for the growth of the region by providing investment opportunities for new related projects, once operational.