Oman Oil Company Exploration & Production says funds will go towards expansion plans
Oman Oil Company Exploration & Production (OOCEP) has announced the signing of a $1 billion loan to fund its continued growth and expansion.
The new financing agreement is structured as a crude oil pre-export facility with a tenor of five years and contains an accordion option to allow additional funding of $500 million if required, the company said in a statement.
The billion dollar loan facility will be used to repay a shareholder loan and fund OOCEP’s activities and investment program, it added.
Isam Al Zadjali, CEO of parent company Oman Oil Company, said: “We are delighted with the strong response and competitive pricing achieved in this OOCEP inaugural external financing, despite challenging market conditions.
“Our investment in OOCEP has matured to the point where the company can finance itself and directly contribute to OOC’s expansion plans in support of the continued growth and diversification of Oman’s economy,” he added.