18 April 2011
MUSCAT -- National Bank of Oman (NBO) has signed a financial agreement with Aluminium Rolling Mill Company, which is establishing a new rolling mill facility at Sohar Industrial Estate. The project is promoted by Takamul Investment Company SAOC, owned by Oman Oil Company, in conjunction with the Italian FATA EPC Company.
As per the agreement, NBO is the mandated Lead Arranger in raising a long term syndicate loan of $193.15 million to finance the capital expenses in setting up a green field aluminium rolling mill in Sohar Industrial Estate. The total estimated cost for this project is $386.3 million.
The installed capacity of the project is estimated at 160,000 metric tonne per annum and the construction period of the plant is expected to take about 31 months. The facility will provide over 270 direct job opportunities as well as many other investment opportunities.
Speaking on the occasion, Salaam al Shaksy, NBO's Chief Executive Officer, said: "As the first local Bank in Oman, we are committed to implementing His Majesty's directives towards active participation in national projects that contribute to the enhancement of the national economy. NBO has previously participated in a number of major successful projects that have had a positive impact on the development of the country, namely financing of the Sohar Port Special Projects LLC, Octal Petrochemicals FZC and Abraj Energy Services LLC, to name a few. We will continue to provide finance for future projects that support the national economy and thereby also help provide job opportunities for Omani youth."
MUSCAT -- National Bank of Oman (NBO) has signed a financial agreement with Aluminium Rolling Mill Company, which is establishing a new rolling mill facility at Sohar Industrial Estate. The project is promoted by Takamul Investment Company SAOC, owned by Oman Oil Company, in conjunction with the Italian FATA EPC Company.
As per the agreement, NBO is the mandated Lead Arranger in raising a long term syndicate loan of $193.15 million to finance the capital expenses in setting up a green field aluminium rolling mill in Sohar Industrial Estate. The total estimated cost for this project is $386.3 million.
The installed capacity of the project is estimated at 160,000 metric tonne per annum and the construction period of the plant is expected to take about 31 months. The facility will provide over 270 direct job opportunities as well as many other investment opportunities.
Speaking on the occasion, Salaam al Shaksy, NBO's Chief Executive Officer, said: "As the first local Bank in Oman, we are committed to implementing His Majesty's directives towards active participation in national projects that contribute to the enhancement of the national economy. NBO has previously participated in a number of major successful projects that have had a positive impact on the development of the country, namely financing of the Sohar Port Special Projects LLC, Octal Petrochemicals FZC and Abraj Energy Services LLC, to name a few. We will continue to provide finance for future projects that support the national economy and thereby also help provide job opportunities for Omani youth."
© Oman Daily Observer 2011
