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The Omani government is seeking to raise a loan of about $3.4 billion via state-owned Petroleum Development Oman (PDO) and is considering selling international bonds, Bloomberg reported yesterday.
The company, which is acting on behalf of the government, plans a five-year pre-export finance facility to fund its operations in response to the current low oil price environment, it said in a response to Bloomberg questions.
HSBC is the sole international financial adviser and the syndication was initially started with 10 international banks, the company said. Oman in January raised $1 billion via a loan.
The loan will be backed by revenue from crude oil ales and raised through an orphan special purpose vehicle that will funnel the funds to the government.
Petroleum Development Oman is 60 per cent owned by the government.
Oman is discussing a possible bond sale with international fixed-income investors.
crude. Gulf bond sales jumped to $28.5 billion so far this year, a record for the period, according to data compiled by Bloomberg.