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21

Arab Bank Underwrites Oman Oil Firms

Bank Chairman Abdul-Hamid Shoman said the agreement was a refinancing of loans to Sohar Refinery and Oman Oil Refinery...

The Arab Bank Group said it, along with regional and international organizations, signed a $1.37 billion loan agreement to establish oil refineries in Oman.

Bank Chairman Abdul-Hamid Shoman said the agreement was a refinancing of loans to Sohar Refinery and Oman Oil Refinery firms that merged to become Oman Refineries and Petrochemicals Company, KUNA reported Wednesday.

Oman's Finance Ministry owns 75 percent of the new company's stake.