OQ Gas Networks (OQGN), the exclusive operator of the natural gas transportation network in Oman, has signed three complex financing agreements with local and regional banks for a total commitment of $1.2 billion.
Together, this financing is considered one of the largest syndicates of Sharia-compliant financing in Oman.
According to the statement, “This will provide the company with access to capital in dual currencies (OMR 225 million and $620 million) in order to support its ongoing corporate activities and refinancing requirements.”
OQGN holds a natural 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.
Mr. Khalid Al Qassabi, Vice President of Finance at OQGN, said that, “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 on 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,” Mr. Al Qassabi further added.
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