Muscat - Oman Energy Development Company (OEDC) has secured international and local financing worth RO385 million and issued its first local sukuk worth RO50 million to supports its plans and long-term sustainable growth.
This achievement reflects the rapid development in the financing capabilities of government-owned companies in the Sultanate of Oman. Oman Energy Development Company exemplifies efficient financial management, with the ability to access both local and international financing markets on competitive terms.
He added in a statement to the Oman News Agency that Oman Energy Development Company has completed a new five-year credit facility, having successfully raised its value from $750 million to $1 billion due to increased investor demand.
The total coverage exceeded $1.5 billion, with more than half of the final allocation coming from outside the region, with wide participation from Asian banks, confirming the company's ability to access diverse sources of international liquidity.
He pointed out that the loan proceeds, amounting to RO288.8 million ($750 million), are planned to be used for the company's investments, in addition to repaying RO96 million ($250 million) of the current RO769 million ($2 billion) loan due in 2029, which will contribute to improving the financing and capital structure.
The CEO of Oman Energy Development Company explained that the company refinanced its Omani riyal facilities.
The fixed-term loan, valued at RO375 million, was refinanced for the same amount, extending its maturity to 2028 with two annual extension options at the company's discretion. The revolving credit facility was also increased from RO 150 million to RO 200 million, extending its maturity to 2028.
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