Gulf International Bank (GIB) has successfully arranged a US$ 234.5 million loan for Oman Gas Company. The loan agreement was signed in the Sultanate of Oman today, 12 September 2006. GIB was the original mandated lead arranger/sole underwriter, facility agent and security trustee of this transaction.
H.E. Dr. Mohammed Bin Hamad Al Rumhy, Minister of Oil & Gas and Chairman of Oman Gas Company, H.E. Mohamed bin Nasser Al-Khusaibi, Secretary General of the Ministry of National Economy and Vice Chairman of Oman Gas Company, and Mr. Abbas Ameeri, GIB’s Managing Director-Merchant Banking, have attended the loan signing ceremony in Muscat, along with Oman Gas Company board members and senior executives, government officials and senior representatives from the participating banks.
The loan will be used to refinance the outstanding balance of the US$ 410 million credit facility that was granted to Oman Gas Company in August 2000.
Oman Gas Company is a closed joint stock company. It was established in August 2000 to acquire, construct, operate and maintain gas and oil pipelines and to perform other activities related to the gas and oil industry in the Sultanate of Oman. The Company is currently engaged in the business of the transmission and supply of natural gas to the main economic sectors in the Sultanate, such as power plants and industries. The shareholders of the company are the Ministry of Oil and Gas (80%) and Oman Oil Company (20%). Oman Gas transportation facilities extend between the Fahud, Sohar, Al Dakhiliah and Al Batinah regions in the north, and between Saih-Rawl and Salalah in the south, comprising about 2,000 km of transmission pipelines and a number of pressure reduction terminals.
GIB is a leading merchant bank and one of the largest regional banks in the GCC, with more than $26 billion of its own assets and in excess of $20 billion of clients’ assets under management. With a proven track record spanning more than 30 years, GIB provides client-led, innovative financial products and services to a wide customer base in the region, including investment banking, asset management, project and structured finance and Islamic banking.
