Oman receives $410 million for pipeline projects

Published October 17th, 2000 - 02:00 GMT

Oman has managed to obtain $410 million in financing from a consortium of international banks to finance two natural gas pipeline projects. Both originate in central Oman, with one leading to the northern city of Sohar and the second to Salalah in the south. 


Quoted in Oil Daily Sarhan Al-Sarhani, the CEO of OmanGas Co., said that the loan would cost Oman 65 points over the London Interbank Offered Rate (Libor) over a 12-year period. He said the money would be used to finance the building of the pipeline projects and for associated costs 


In February, Oman's Ministry of Oil and Gas awarded a $306 million contract for the construction of the gas pipeline to Salalah to India's Dodsal. A $124.3 million contract for the construction of the Sohar pipeline was awarded to a consortium of Italy's Saipem and Snam, Athens-based Lebanese Consolidated International Contractors, and Japan's Mitsubishi. – (Albawaba-MEBG) 

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