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Oman Refinery Company signs $1.37b financing deal with banks
MUSCAT — Oman Refinery Company (ORC) has signed a $1.37 billion financing agreement with local, regional and international banks. The amount will be used mainly to prepay existing debt facilities at Sohar Refinery Company (SRC) and ORC ahead of the merger of the two companies.
Dr Adil Abdul Aziz Al Kindy, CEO of ORC, signed the agreement with representatives of the participating banks. The loan will be repaid over 10 years with the first instalment due in March 2008.
The government has decided to merge SRC with ORC to create a world-class refining company. The merger will be implemented by the absorption of SRC by ORC which will be renamed Oman Refineries and Petrochemicals Company (ORPC).
The merger will not result in the creation of a new company, but will be implemented by the transfer of SRC's assets and liabilities to ORC. In parallel with the merger, ORPC's shareholding will change.
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