Thursday, 21 Nov 2019 | 24 Rabi Al Awwal 1441
Bank Muscat signs finance agreement with Bauer Nimr

Bank Muscat indicators finance agreement with Bauer Nimr

Bauer Nimr is extensively identified for its water therapy notion utilizing constructed wetlands, operating the world’s biggest industrial reed bed project with PDO. The finance agreement was signed among Bauer Nimr, DEG (the German Governmental Development Bank) and Bank Muscat below the patronage of H E Salim al Aufi, Undersecretary at the Ministry of Oil and Gas.

The ceremony was held at Kempinski Hotel Muscat, attended by Waleed al Hashar, deputy chief executive officer of Bank Muscat, and best officials of PDO, Bauer Nimr and DEG. Bank Muscat is the nearby financing companion for the project.

The signatories to the agreement incorporated Abdullah al Hinai, common manager – Wholesale Banking, on behalf of Bank Muscat, Peter Hingott, Bauer Nimr Board chairman, and Turan Caglayan, head of DEG’s Corporates/Project Finance/Funds Europe/Asia division.

Hinai mentioned, “Bank Muscat is proud to effectively close the financing facility for Bauer Nimr, marking a distinctive collaboration aimed at enhancing In-Country Value (ICV) and sustainable improvement.

Bank Muscat recognises the immense investment prospects and possible that Oman gives and is committed to supporting strategic initiatives aimed at contributing to sustainable financial improvement in Oman. The financing agreement comes inside the scope of joining hands with partners to accomplish the highest worth for the national economy. The agreement is a clear indication of the availability of viable financing facilities in Oman.”

Hinai added, “In the project financing sector, Bank Muscat maintains leadership position, enabled by its deep expertise, innovative structuring capabilities and sound due diligence techniques, thus catering to long-term financing requirements of major projects in the sultanate.”

Peter Hingott mentioned, “The Nimr water treatment plant project is the most innovative and significant project in our company’s history as a whole and the outstanding partnership with PDO, DEG and Bank Muscat will enable us to continue on this path of joint success and build on it to the benefit of Oman and Bauer and its partners.”

DEG is a financier for the Nimr Project because its inception. Caglayan mentioned, “The Bauer Group is a long-standing partner of DEG. It is a great pleasure for us to further deepen our cooperation with Bauer and its Omani partners on the Nimr Project, which we started almost ten years ago. DEG now arranged the financing for expansion of the plant working closely together with the Omani financing partner Bank Muscat.”

BNO was established with the objective to create and construct a wetland and operate a water therapy plant for therapy of residual waters made by PDO oil wells in the Nimr oil fields.

Information Source: Muscat Daily

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