• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Oman State oil firm looks to raise $1.5 billion from debt financing

4 years ago
in Energy, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
55
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

One of Oman’s newly created state oil firms, Energy Development Oman (EDO), is negotiating a $1.5-billion debt financing with banks, possibly via a loan, two sources with knowledge of the plan told Reuters on Monday.

The financing EDO seeks is expected to help it to finance capital expenditures, one of the sources told Reuters. JP Morgan is working with the Omani state energy company on the financing plan, while banks from the United Arab Emirates (UAE) have also expressed strong interest in becoming involved in a financing deal, according to Reuters’ sources.

In recent months, Oman has created EDO to hold the country’s majority stake in its largest oil-producing block.

Block 6 was previously operated by state-backed Petroleum Development Oman. According to Wood Mackenzie, the Block 6 contract area is the most significant oil and gas operation in Oman and contains more than 75 percent of the country’s remaining crude oil reserves.

Read: Ghana mulls Africa’s first social bond with $2 billion sale

Oman, a non-OPEC oil producer which is part of the OPEC+ alliance, was hit very hard by the oil price and demand crash last year and is looking to raise additional funding while cutting government expenditure.

The 2020 shocks “took a heavy toll on the economy in 2020,” the International Monetary Fund (IMF) said in a brief on Oman earlier this year.

RelatedPosts

GoldBold Opens Licensing for Jewellery, Fabrication and Refinery

IMF Managing Director Appoints Christian Mumssen as Director of the Strategy, Policy, and Review Department

Ethiopia’s Gold Rally Fuels Confidence in Stronger Currency

Oman’s fiscal deficit was expected to double to 18 percent of gross domestic product (GDP) in 2020, before narrowing to 7 percent of GDP by 2024, Fitch Ratings said in December, warning that Oman’s fiscal plan faced large implementation and funding risks.

In April this year, Bloomberg reported that the government of Oman was looking at several options to plug the widened budget hole, including selling a stake in state oil firm OQ via an initial public offering (IPO).

OQ is also reportedly looking to sell assets and tap the international debt market in order to fund its planned $7.9 billion expenditures over the next five years.  

Source: oilprice
Via: norvanreports
Tags: $1.5-billion debt financing with banksEnergy Development Oman (EDO)state-backed Petroleum Development OmanUnited Arab Emirates (UAE)
No Result
View All Result

Highlights

Senegal’s 2026 Debt Bill Jumps 11% After Hidden Loans Scandal

PIAC yet to see Restoration of Funding Under ABFA Despite Assurance from President Mahama

GSE Closes Slightly Lower as Composite Index Falls 0.25%

Producer Price Inflation Rises Marginally to 3.2% in September 

LaLiga Cancels Barcelona vs. Villarreal Match Scheduled to Take Place in Miami

Black Queens Coach Confident Ahead Of WAFCON Qualifier Against Egypt

Trending

Business

GoldBold Opens Licensing for Jewellery, Fabrication and Refinery

October 23, 2025

GoldBold opens licensing for Jewellery, Fabrication and Refinery The Ghana Gold Board (GoldBod) has officially commenced the...

IMF Managing Director Appoints Christian Mumssen as Director of the Strategy, Policy, and Review Department

October 23, 2025

Ethiopia’s Gold Rally Fuels Confidence in Stronger Currency

October 23, 2025

Senegal’s 2026 Debt Bill Jumps 11% After Hidden Loans Scandal

October 23, 2025

PIAC yet to see Restoration of Funding Under ABFA Despite Assurance from President Mahama

October 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.