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Oman inks funding agreement with Export-Import Bank of China

The deal was inked in Beijing on Monday by National Economy Minister and OSC Chairman Ahmed bin Abdulnabi Macki, and Chairman and President of Export-Import Bank of China Li Ruogu.

Under the accord, the Chinese bank will finance the building of four giant tankers with a capacity of 400,000 tonnes for OSC to transport iron ore pellets from Brazil to the factory of Brazilian firm Vale at the Sohar Industrial Estate in Oman’s Batinah region. Macki, in comments, said the loan “confirms the trust of leading international financial institutions in the financial and economic policies” followed by the government.

The four tankers will be built by the Jiangsu Rongsheng Heavy Industries Group, delivering the first two at the end of next year and the other two during 2012.

“This agreement represents another positive step in strengthening ties of cooperation and enhancing the strong bilateral economic relations between the two countries,” Macki said.

He added that Oman was looking forward to more participation by Chinese companies in development projects under way in the sultanate, notably in the Al Duqum province and in railway, road, electricity and water sectors. He said Oman also welcomed Chinese participation in manufacturing ventures in the different industrial estates and the Salalah Free Zone, as well as in the development of small and medium enterprises (SMEs) and solar and wind energy. 
— ravindranath@khaleejtimes.com