Bank Muscat Pulls out of Oman Waste Project
Bank Muscat said on Wednesday that it has pulled out of Oman's $600 million private wastewater project, the second investor to withdraw from the project in less than a year, reported the Gulf Daily News.
"We have pulled out from the project but we are still interested in arranging a financial loan," Ganeshan Sridhar, Bank Muscat deputy general manager for corporate banking, said. He did not give a reason for the pullout.
Bank Muscat was to have provided five per cent of the $75m equity for the project, which is to be listed on Oman's Muscat Securities Market.
US firm Ogden, which has changed its name to Covanta Energy, pulled out of the project in late 2000 due to what it said was lack of agreement on a contract, said the paper – Albawaba.com
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