{"id":201486,"date":"2021-07-06T10:00:42","date_gmt":"2021-07-06T10:00:42","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=201486"},"modified":"2021-07-06T05:57:17","modified_gmt":"2021-07-06T05:57:17","slug":"energy-development-oman","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/energy-development-oman\/","title":{"rendered":"Energy Development Oman is to raise $1.5 billion in debt"},"content":{"rendered":"

Energy Development Oman plans to hold talks with banks to raise $1.5 billion in debt to finance capital spending.<\/p>\n

Relatively young state-owned company, Energy Development Oman was established late last year to own the largest oil patch in the Sultanate known as Block 6 and to contribute to debt collection.<\/p>\n

An informed source also said that the company \u201cis seeking to raise about $1.5 billion\u201d in loans. A second source familiar with the matter said the loan would help finance capital spending.<\/p>\n

According to energy consultancy Wood Mackenzie, Block 6 is the largest area for oil and gas activities in Oman.<\/p>\n

The two sources said the company was working with JP Morgan<\/a> to prepare the financing plan, and added that there was strong interest from lenders in the UAE to participate in the deal.<\/p>\n

In May, the Minister of Energy and Minerals, Mohammed al-Ramahi, told Oman’s WAF news website that the company would officially launch an international campaign to raise $3 billion to finance its activities.<\/p>\n

The government also said last year that Oman Energy Development would work on oil and gas exploration as well as renewable energy projects in the country.<\/p>\n

Recently, Oman raised $1.75 billion in nine-year sukuk, following strong investor demand for the issue thanks to last year’s high oil prices and a fiscal consolidation plan.<\/p>\n

The Sultanate has huge debts coming due in the next few years and it holds an underinvestment rating from all the major rating agencies.<\/p>\n

In another context, the total foreign assets of the Central Bank of Oman rose by 8.1% to reach nearly 6.88 billion riyals ($18 billion) at the end of last April.<\/p>\n

The total assets during the same period last year amounted to 6.37 billion riyals, according to data from the Omani National Center for Statistics and Information.<\/p>\n

The total private sector deposits with commercial banks and Islamic windows in the Sultanate increased by 6.8% to reach 17.27 billion riyals by the end of April 2021, compared to 16.17 billion riyals for Same period last year.<\/p>\n

The total loans and financing of commercial banks increased by 3% to reach 27.18 billion riyals, compared to 26.39 billion riyals for the same period in 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

Energy Development Oman plans to hold talks with banks to raise $1.5 billion in debt to finance capital spending. Relatively young state-owned company, Energy Development Oman was established late last year to own the largest oil patch in the Sultanate known as Block 6 and to contribute to debt collection. An informed source also said […]<\/p>\n","protected":false},"author":4,"featured_media":201487,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[278,960],"class_list":["post-201486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured","tag-oman"],"yoast_head":"\nEnergy Development Oman is to raise $1.5 billion in debt - BNReport<\/title>\n<meta name=\"description\" content=\"BNReport - Energy Development Oman plans to hold talks with banks to raise $1.5 billion in debt to finance capital spending.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/energy-development-oman\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Energy Development Oman is to raise $1.5 billion in debt - 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