OQ Gas Networks (OQGN), the exclusive operator of the natural gas transportation network in Oman, has signed three financing agreements with local and regional banks for a total commitment of US$1.2bn.
Together, this financing is considered one of the largest syndicates of Sharia-compliant financing in Oman, providing the company with access to capital in dual currencies (RO225mn & US$620mn) to support its ongoing corporate activities and refinancing requirements.
Vice President of Finance, Khalid Al Qassabi commented “Today we celebrate the ceremonial signing of our latest financing agreements. We are exceptionally proud to have signed these financing agreements. My team of experienced professionals and 16 banks worked tirelessly to agree competitive terms in a timely manner. The terms were agreed to be compliant with sharia financing rules and we are now in the process of certifying them with local and regional sharia boards. We hope this financing will set a positive precedent for local, regional and international Islamic banks for similar transactions. This financing will support OQGN’s ongoing operations and next phase of growth.”
OQGN holds a monopoly over critical gas transportation infrastructure in Oman as the exclusive owner and operator of the natural gas transportation network. The company aims to champion the management and development of energy infrastructure through innovative and sustainable solutions. OQGN has more than 450 talents that are responsible for overseeing the smooth running of more than approximately 4,031km of pipeline network.
OQGN prides itself on its operational excellence and has delivered 99.99+% gas availability over the last 10 years and recorded no gas supply interruptions in 2022. OQGN’s health and safety record is also testament to its commitment to global standards. Sustainable practices are an essential part of OQGN’s operations, and its work is proudly aligned with Oman Vision 2040 to deliver cleaner, more sustainable energy.
