Oman Oil plans $5bn loan for new refinery
Muscat, May 1, 2013
State-run Oman Oil Company is talking to bankers about raising a $4 billion loan to build an oil refinery in the southern coastal town of Duqm, a major part of the government's effort to build the country's industrial base.
Oman unveiled a plan to build a large petrochemical complex alongside a $6 billion refinery in Duqm last year, said a report in the Gulf daily News, our sister publication.
"Oman Oil Company is sounding out local banks to raise $4 billion for the Duqm refinery," a senior Omani commercial banker said on the sidelines of an investment seminar yesterday.
Oman Oil Company is developing the 230,000 barrel-per-day refinery project with International Petroleum Investment Company, based in neighbouring UAE.
It said last week it would build a 200 million barrel crude oil storage facility at Duqm at a cost of $1 billion.
Duqm has been picked as the country's next industrial centre, with investments of up to $15 billion over the next 10 years.
"We are targeting $5 billion foreign investment at Duqm in the next five years," Finance Minister Darwish Al Balushi said yesterday, adding that projects worth $18 billion were either built or planned in the town. – TradeArabia News Service
More Energy, Oil & Gas Stories
- Fuel prices in Bahrain set to double by 2017
- Iraq's oil exports rise to 71.4m barrels in Nov
- MEE launches energy conservation contest
- TSL wins Jordan solar power contract
- SEC signs $366m loan for Jeddah power plant
- Kurdish oil exports 'only with Iraq approval'
- UAE launches energy conservation drive
- Rising Saudi fuel use 'bigger threat than shale'
- Dentons boosts Mideast energy practice
- India seeks Iran's financial guarantees for ships