US$120 million loan for Oman Refinery Company
Oman Refinery Company LLC (ORC), the pioneer of oil refining in Oman, has arranged a syndicated working capital facility loan of US$120 million. This was done through a consortium of local banks led by the National Bank of Oman (NBO) as agent and including Bank Dhofar, Oman International Bank and Oman Arab Bank.
According to ONA, the loan agreement signing ceremony took place Monday at Muscat Grand Hyatt Hotel. Signing on behalf of ORC was Dr. Adil bin Abdul Aziz Al-Kindi, CEO while CEOs and MDs of the consortium signed for their respective banks.
Speaking on the occasion, Dr. Adil A. Al-Kindi, ORC’s CEO said, “ORC will employ the loan amount mainly for its working capital requirements related to Sohar Refinery under a toll processing agreement entered between them. According to him, the refinery produces 116,000 barrels-per-day (bpd).