MUSCAT: Energy Development Oman (EDO) has successfully secured a US$2.5 billion debut financing transaction, Oman TV reported on Sunday.
The funding will support EDO in achieving its key objective of alleviating the Government’s Block 6 funding requirements. “The company aims to achieve growth, enhance efficiencies and governance in the oil and gas sector and new energies in the Sultanate and unveil value through diversification and integration of the value chain,” Oman TV said in the report.
The deal was oversubscribed by more than 100% which is a testament to investors’ confidence in EDO and Oman’s economy.
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