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POWER
Manah Power Project (& Expansion)
The Manah power project was the first independent
power project in the GCC. The 90 MW power project
cost about US $ 150 million. International Finance
Corporation and European export credit agencies
(ECGD and Coface) were the main lenders to the
project. The commercial loan of US $ 17 million
was lead arranged by BankMuscat, which was
subsequently syndicated to Omani banks. BankMuscat
is the Account Bank and has provided working
capital facilities for the project. The capacity
of the project was subsequently increased
three-fold to 270 MW. BankMuscat supported the
expansion with an increase in its working capital
facilities to US $ 14 million.
Al Kamil Power Project
This independent power project involves setting up
of a 285 MW power plant by International Power
Plc., in the Sharkiya region. Societe Generale and
BankMuscat jointly underwrote the project costing
US $ 125 million with US $ 99 million of debt. The
project has been successfully syndicated to
international, regional and Omani banks.
BankMuscat has also played a significant role in
the project as a Performance Bond Provider, as an
Onshore Security Agent and Onshore Account Bank.
Barka Power and Desalination Project
This independent power and desalination project
involves setting up of a 427 MW power plant and 20
MIGD water desalination plant costing US $ 415
million with a debt component of US $ 349 million.
The Bank acted as the Lead Arranger for the US $
349 million of debt finance for the project with a
significant commitment. BankMuscat is also the
Performance Bond Provider, Onshore Security Agent
and the Onshore Account Bank.
Salalah Power Project
The Salalah Power System Privatisation Project is
part of the Government's initiative to privatise
its electricity sector in southern Oman. The
concession was awarded to the PSEG-led consortium
for building a new power generating plant
aggregating 195 MW as well as the take over and
integration of existing facilities including the
transmission and distribution system. BankMuscat
provided the performance bond and was one of the
Lead Arrangers for debt financing for the project
along with BNP Paribas and WestLB. The Bank also
acts as the Onshore Security Agent and Account
Bank.
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OIL AND GAS
Oman LNG Project (Refinancing)
The Oman Liquefied Natural Gas Project is a joint
venture between the Omani Government (51%), Shell
Gas BV (30%) and other international partners. The
project, which consists of two LNG trains with
output capacity of 6.6 million tonnes per year, is
operational. BankMuscat participated in the
initial financing of the project with a US $ 30
million commitment. The company refinanced the
entire debt of US $ 1300 million at the end of
2001. BankMuscat was one of the Senior Lead
Arrangers in the project. Additionally, BankMuscat
lead arranged the financing for the US $ 52
million Oman LNG housing complex project with a
debt component of US $ 42 million. The financing
was successfully syndicated in the local and
regional market. BankMuscat was also the sole
financier for the acquisition of tugs for the Oman
LNG port operations.
Oman Gas Company
Oman Gas Company has developed two natural gas
pipelines linking on-shore gas fields in central
Oman to the coastal towns of Sohar and Salalah
(Fahud - Sohar gas pipeline - 305 km; Saih Nihayda
- Salalah gas pipeline - 700 km). The project,
costing about US $ 456 million, was financed by
equity of US $ 46 million and debt of US $ 410
million. BankMuscat is a Senior Lead Manager in
this US $ 410 million syndicated loan with a
leading participation of US $ 29 million. In
addition, the Bank is the Account Bank for the
company. BankMuscat was also part of a global
syndicate of banks which financed the Salalah gas
pipeline contract built by Dodsal.
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PORT
Salalah Port Project (& Expansion)
This is a 30-year concession to develop a
modernised container terminal facility with
ultimate capacity to handle 2 million TEUs. Omani
shareholders, including the Government of Oman,
hold 70% of the company's equity and the balance
30% is held by the foreign partner A.P. Moller
(Maersk). BankMuscat acted as a Co-lead Arranger
for the initial project financing. The Bank
underwrote the initial debt financing of US $ 77
million along with Societe Generale and Bank
Dhofar. For the expansion project, BankMuscat
increased its exposure proportionately to the
other syndicate members. The Bank is also the
Account Bank and the Additional Collateral Manager
for the project. BankMuscat acted as Financial
Adviser for raising additional equity through a
rights issue as well. As an ancillary structured
finance transaction, BankMuscat lead arranged and
structured the financing of the acquisition of
tugs for the Salalah Port, which was subsequently
successfully syndicated out.
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