OOCEP in $1-bln financing deal

MUSCAT, September 19, 2017 – Oman Oil Company Exploration and Production (OOCEP) has sealed a USD 1-billion finance facility deal with global financiers including Credit Suisse and ING, local media reported on Wednesday.

The agreement covers a pre-export facility for oil that would last five years, the Times of Oman reported. An accordion option for an additional USD 500 million of funding will also be available, according to the report.

“We are delighted with the strong response and competitive pricing achieved in this OOCEP inaugural external financing, despite challenging market conditions,” OOCEP CEO Isam Al Zadjali told the newspaper. “It is an expression of confidence in OOCEP’s future outlook from leading international banks.”

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