OMAN OIL SIGNS $1.85BN CREDIT FACILITY AGREEMENT

MUSCAT: Oman Oil Co SAOC (OOC), the sultanate’s energy investment arm, has signed a revolving credit facility (RCF) agreement worth US$1.85bn with 16 local, regional and international banks.

The RCF is fully committed, unsecured and available as a US$1bn three-year facility and as an US$850mn five-year facility. The RCF will be used for general corporate purposes in line with OOC’s strategy.

The official closing ceremony will be held in Muscat at the end of this month, an OOC press release said. This transaction signifies the confidence of the financial community in the solid trackrecord achieved by OOC and its group of companies, as well as the sultanate’s growing and stable economy.

OOC received a positive response from the participating banks with the RCF reaching an oversubscription of US$3.75bn. With over 40 assets in 15 countries, OOC continues to drive economic diversification and growth, by facilitating the transfer of knowledge and technology to maximise the value of Oman’s natural resources.

SOURCE: MUSCAT DAILY