A 25 month, US$200 mln loan secured by Oman Refineries

04-Jan-10

In a move to refinance its working capital needs, state-run Oman Refineries & Petrochemicals Co. (ORPC) has secured a US$200 mln loan from Oman's Bank Muscat. The maturity of the loan will be in 25 years. A decline of 4.1% was noticed in production levels by end of October 2009 to 29,962,100 barrels, vs 31,241,000 barrels produced in October 2008. Figures by Oman's national economy ministry have shown a 7.2% decline in the quantity of oil by ORPC to 29,822,300 barrels during the first 10 months of the year 2009, compared to 32,149,300 barrels during the same period in 2008.