Thursday, 21 Nov 2019 | 24 Rabi Al Awwal 1441
Oman Oil and its group of companies receive prestigious awards in areas of project finance

Oman Oil and its group of businesses get prestigious awards in places of project finance

Muscat – 

Three Major projects below Oman Oil Company (OOC), the government’s investment arm in the power connected sectors, had been recognised by significant International entities for the productive completion of particular financings. Oman Oil Company Exploration Production (OOCEP), Salalah Methanol Company (SMC) and Salalah LPG collectively received 5 distinct awards. OOCEP, the upstream vertical of OOC group of businesses secured US$1bn in the pre-export finance marketplace amidst a vital period. OOCEP was awarded by TXF as a single of the leading ten offers recognised for becoming revolutionary, possessing an influence on marketplace transactions and trade. OOCEP was awarded the TXF Perfect 10: Middle Eastern Commodities Finance Deal of the Year 2017.

SMC effectively secured a 12-year US$728mn recourse project finance facility from a mix of international, regional and nearby economic institutions. The facility will be employed to refinance SMC’s current debt, although the remaining US$443mn to be allocated to the improvement of the ammonia plant. This achievement was recognised, exactly where the company’s financing transaction won 3 awards, becoming the Petchem Deal of the Year 2017 in the Middle East and Africa by Project Finance International (PFI), the Petrochemicals Deal of the Year 2017 in MENA by IJGlobal and Petrochemicals Project Financing of the Year 2017 from TXF.

Oman Gas Company (OGC) secured partial financing of US$640mn for the Liquefied Petroleum Gas (LPG) project in Salalah, with a number of international banks and export credit agencies. This project falls in line with the overarching midstream strategic vision of the organization to grow to be an international LPG and condensate export hub. Salalah LPG was awarded the Midstream Oil and Gas Deal of the Year 2017 by the IJGlobal.

The productive financings inside OOC group of businesses exhibits the self-confidence in the financing neighborhood and the lenders from all components locally and internationally towards each the organization and the nation. This comes along as a outcome of collective team efforts inside the group of businesses as effectively as the trust of the respective economic homes and advisors.

The international bodies who have recognised OOC’s financing efforts are Project Finance International (PFI), which are the major supply of worldwide finance intelligence. IJGlobal, a project finance and infrastructure journal, as effectively as TXF, an award that is offered to the leading ten offers that are recognised for most revolutionary, marketplace influencing transactions inside trade, commodity and project financing.

Despite the difficult worldwide financial situations as outcome of the unstable oil marketplace in the course of the previous couple of years, OOC and its group of businesses effectively raised funding commitments of roughly USD$11bn because January 2017 in the course of multiples financings of competitive prices to help its companies. This reflects the trust that economic institutions have placed on the project and the financing structure.

Information Source: Muscat Daily

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