Petro Ofisi receives $92.5 million Islamic loan

Details of the intermediate-term loan agreement was announced yesterday at a press conference at Swissotel. Petrol Ofisi General Manager Ertugrul Tuncer, Director of Common Services Huseyin Kececi, Kuveyt Turk Executive Board Chairman Mohammed S. Al-Omar, Kuveyt Turk C.E.O. U*censored* Uyan, Kuveyt Turk Vice C.E.O. Fawaz Al-Issa, Citigroup London Global Islamic Finance Manager Usman Ahmed, Citibank A.S. General Manager Mark T. Robinson and ABC Islamic Bank Director Aziz Hashmi all attended the press conference.

Tuncer stated they were very happy to be the first company in the oil sector who had obtained a murabaha loan. Mark T. Robinson pointed out the agreement was an important example of alternative financing models. Al-Omar said they were very happy to be a part of such an agreement.

According to the agreement, the loan is to be repaid over 16 months. Petrol Ofisi will distribute a share of the profits by selling engine oil to airliners like Turkish Airlines (THY), Air France, Texaco, Hapag-Lloyd and Swiss International.