HBL leads Rs75.9bn financing mandate for FWO’s White Oil Pipeline Project

In a move aimed at bolstering Pakistan’s energy infrastructure, Frontier Works Organization (FWO) has mandated local banks to arrange a project finance facility of up to Rs 75.9 billion. HBL has been appointed as the InterCreditor Agent and Mandated Lead Arranger for the facility. Frontier Oil Company (FOC), a project company of FWO, is raising this strategic financing to develop a dualcarriage White Oil Pipeline from Faisalabad to Taru Jabba. The pipeline is designed to transport up to 7 million metric tons per annum of Motor Gasoline and HighSpeed Diesel. To mark the appointment, a ceremony was held at FWO Headquarters, attended by government dignitaries, consortium partners, and HBL leadership. Speaking on the occasion, Agha Waqar, Director Finance & Group CFO – FWO, acknowledged the banks for devising a comprehensive financing plan that will ensure the early implementation of the project. He also expressed appreciation for HBL’s collaboration over the past two years in developing a bankable model to secure the required financing from consortium institutions.