Government-owned firm Energy Development Oman (EDO) on 16 April announced that it had successfully renegotiated the terms of a $2.5bn loan resulting in the savings of $100mn in interest payments over its term.

EDO says that it achieved the saving through negotiating an interest reduction which cut rates from 2.95% to 2.05%. The seven-year loan was first secured in August 2021, with the aim that “funding will further support EDO in achieving its key objective of alleviating the Government’s Block 6 funding requirements.” EDO said the loan would “create growth [and] enhance efficiencies and governance in Oman’s oil, gas and new energies sectors.” (CONTINUED - 924 WORDS)