MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’ and commitment to partnership in sustainable development, signed a finance agreement with Bauer Nimr LLC (BNO) to expand the capacity of its produced water treatment plant by 60,000 m3/day under a long-term offtake contract with Petroleum Development Oman (PDO). Bauer Nimr is widely known for its water treatment concept using constructed wetlands, operating the world’s largest commercial reed bed project with PDO.
The finance agreement was signed between Bauer Nimr, DEG (the German Governmental Development Bank) and Bank Muscat under the patronage of Salim al Aufi, Under-Secretary 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 top officials of PDO, Bauer Nimr and DEG. Bank Muscat is the local financing partner for the project.
The signatories to the agreement included Abdullah al Hinai, General 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.
Abdullah al Hinai said: “Bank Muscat is proud to successfully close the financing facility for Bauer Nimr, marking a unique collaboration aimed at enhancing In-Country Value (ICV) and sustainable development. Bank Muscat recognises the immense investment prospects and potential that Oman offers and is committed to supporting strategic initiatives aimed at contributing to sustainable economic development in Oman.”
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