Oman Oil Company signs Revolving Credit Facility (RCF) Agreement worth $1.85 billion
Oman Oil Company S.A.O.C. (OOC), the Sultanate’s energy investment arm, has signed a Revolving Credit Facility (RCF) Agreement worth $1.85 billion with 16 local, regional and international banks. The RCF is fully committed, unsecured and is available as a $1 billion three year facility and as an $850 million five year facility. The RCF will be used for general corporate purposes in line with OOC’s growth strategy. The official closing ceremony will be held in Muscat at the end of this month.
This transaction signifies the confidence of the financial community in the solid track-record achieved by OOC and its group of companies, as well as the Sultanate’s growing and stable economy. OOC received a positive response from the participating banks with the RCF reaching an oversubscription of $3.75 billion.With over 40 assets in 15 countries, OOC continues to drive economic diversification and growth, by facilitating the transfer of knowledge and technology to maximise the value of Oman’s natural resources.