MUSCAT: OQ Gas Networks (OQGN), the exclusive operator of the natural gas transportation network in Oman, has signed three complex financing agreements with local and regional banks for a total commitment of USD 1.2Bn.
Together, this financing is considered one of the largest syndicates of Sharia-compliant financing in Oman, providing the company with access to capital in dual currencies (OMR 225 million & USD 620 million) to support its ongoing corporate activities and refinancing requirements.
Vice President of Finance, Khalid Al Qassabi commented “Today we celebrate the ceremonial signing of our latest financing agreements. We are exceptionally proud to have signed these financing agreements. My team of experienced professionals and 16 banks worked tirelessly to agree competitive terms in a timely manner. The terms were agreed to be compliant with sharia financing rules and we are now in the process of certifying them with local and regional sharia boards. We hope this financing will set a positive precedent for local, regional and international Islamic banks for similar transactions. This financing will support OQGN’s ongoing operations and next phase of growth.”
OQGN holds a natural monopoly over critical gas transportation infrastructure in Oman as the exclusive owner and operator of the natural gas transportation network spanning a total distance of approximately 4,031km. OQGN has delivered 99.99+% gas availability over the last 10 years and recorded no gas supply interruptions in 2022.
Source: OQGN
Date: 17 July 2023
