Oman Launches Energy Company

(MENA) State-owned Energy Development

Authorities in Oman have reportedly created a new state-owned energy company, called Energy Development Oman.

The new enterprise will be funded by debt raised against the country’s largest oil block and will own a stake in Block 6, according to Forbes Middle East.

Around US$3 billion of bonds are expected to be issued in the first quarter of next year. The firm will be empowered to invest both at home and abroad and is expected to spur major breakbulk activity as projects get underway.

The small Sultanate faces a growing budget deficit returned to the international debt market last month to  bolster its finances.
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