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FINANCIAL NEWS
Oman releases USD4b funding
30 Jun 2016
(MENAFN) Petroleum Development Oman (PDO), has raised USD4 billion from a group of international financial institutions on behalf of the Government of the Sultanate of Oman.
The financing is allocated to boost the company’s activities which include the construction of major new oil and gas facilities providing long-term economic benefits for the Sultanate.
Moreover, the borrowing will take the form of a five-year pre-export facility which was provided by a syndicate of international banks. HSBC Bank Oman acted as the sole International Financial Advisor.
The loan was priced at 160 basis points over the London Interbank Offered Rate. PDO worked closely with Oman’s Ministry of Finance and the Ministry of Oil and Gas.
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