Oman Gas Company seeks $1bn loan

Oman Gas Company seeks $1bn loan
The Oman Oil Company is eyeing a 12 month period.
Published: 19 February 2018 - 12:57 a.m.
By: Jonathan Sheikh-Miller

The Oman Gas Company is working with a consortium of banks to generate a bridge loan of around $1bn, which will later be refinanced via a US dollar bond issue, according to Reuters citing sources.

The firm which transports natural gas and was bought by the government owned Oman Oil Company in 2013, will use the financing for capital expenditure and to acquire assets from the government, the sources said.

The loan talks are at an early stage with "a lot of building blocks" still needed before finalisation.

The group of banks working on the potential arrangement include Bank Muscat, JPMorgan, Natixis and Sumitomo Mitsui Banking Corporation.

The loan is expected to mature after one year and could be extended by another year.

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