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State-owned Oman Oil Company (OOC) has signed a $1.85bn revolving credit facility (RCF) with 16 local, regional and international banks.
This is the first major deal struck by the sultanate’s energy investment vehicle under new CEO ‘Isam al-Zadjali’s stewardship, and comes as the company looks to rebuild its reputation after its former CEO Ahmad al-Wahaibi was sentenced to 23 years in prison earlier this year for a string of offences, including bribe taking and money laundering (MEES, 7 March).
Financing activity in Oman – and project finance in particular – has picked up this year as a number of new infrastructure schemes have come to market. (CONTINUED - 735 WORDS)