Demonstrating its financial robustness, Oman LNG has announced that it has successfully repaid its $2bn loan facility obligation ahead of schedule, signalling a positive credit mark for the Omani company while saving interest costs.
This milestone comes following the recent announcement of the successful early repayment of Qalhat LNG loan, underpinning both companies’ financial stability despite the current economic challenges.
According to HE Dr Mohammed bin Hamad al Rumhi, Minister of Oil and Gas and chairman of Oman LNG, “The early repayment of the loan by Oman LNG demonstrates the financial robustness of the company and confidence in the oil and gas industry and Omani economy at large. Oil and gas industry provides a great investment opportunity like other sectors of the Omani economy.”
Eng.Harib al Kitani, chief executive officer of Oman LNG said, “This success is a testament of our commitment to our lenders and all our stakeholders. It provides confidence to them about our financial robustness, hence their willingness to continue their relationship with the company and the country at large.” The successful repayment of the loan will open a huge opportunity for more projects or expansion of this successful natural gas investment by the government and other shareholders, he said. Oman LNG, he said has managed to repay its loan obligations in full, without default and ahead of schedule, hence rendering the company debt free.
Over the years, Oman LNG has witnessed strong financial performance which enabled the company to make voluntary prepayments to its lenders and provide investors with increased confidence in the financial robustness of the company.