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Oman Oil Company signs US$1.85 billion revolving credit facility

Industry

Oman’s energy investment firm Oman Oil Company (OOC) has signed a revolving credit facility (RCF) agreement worth US$1.85bn with 16 local, regional and international banks

According to the deal, the RCF is available as a US$1bn three-year facility and as a US$850mn five-year facility. The credit will be used for general corporate purposes in line with OOC’s growth strategy.

The company said that this transaction signifies the confidence of the financial community in the solid track-record achieved by OOC and its group of companies, as well as the sultanate’s growing and stable economy.

Oman Oil Refineries and Petroleum Industries Company (ORPIC) had signed a US$2.8bn loan with a consortium of banks in May 2014 to fund various projects including an expansion plan for its refinery in Sohar.

Meanwhile, Electricity Holding Company, holding firm for all electricity firms in the sultanate, also plans to raise US$2.1bn from a bond issue by first half of 2015 and has hired JP Morgan and Bank Muscat to advise it on financing options.

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