AVOCOM- Studi Professionisti Consociati / Avocom Law Firm LLP, in association with Arkios Legal, with a team led by the Managing Partner Prof. Avv. Francesco del Bene, assisted by Partners Prof. Avv. Piergiorgio Casati (Milan office) and Avv. Ian Hughes (London office), advised Sroshti Waraz. Co., based in Sulaymaniyya in Iraq, in the negotiations for the realization of a project finance and obtaining a loan from the investment company CITIC Holding IF Group LLC together with some institutional investors.
The negotiation concerns the construction of a new production plant, with the adoption of innovative technological solutions to minimize the environmental impact, which will allow the annual production to be increased by an additional 1,000 tons per day for bitumen as well as 500 tons per day for with regard to lubricating oils.
The new industrial site will be built in Sulaymaniyya, the capital of the homonymous governorate, in the Kurdistan Region of Iraq.
The total value of the outstanding transaction with Sroshti Waraz. Co. is around 40 million dollars.
Sroshti Waraz Co., sister company of South Energy and entirely owned by Mr. Safi Kaifi Ahmed Ahmed, is a very dynamic leader company already present on the reference market for about twenty years and specialized in the production of bitumen and lubricating oils. This project is the first of a list of projects in the portfolio and under evaluation, in collaboration with Coral International Commercial Agency of Abu Dhabi (which acted as Co-Advisor), which has been dealing with industrial development and economy of Iraq and the reconstruction of the country with the active involvement of important institutional components, especially the Kurdistan Region.