MUSCAT: Due to the economic effects resulting from the pandemic and the substantial escalation in steel prices and construction costs, India LPG terminal project cost could escalate. Accordingly, the company said that it had entered into negotiations to exit its 60% stake in the project.
The disclosure issued by the company indicated that it was able to conclude the negotiations and that the proceeds of the exit from the investment would be at a premium that would achieve a total profit of about OMR 1.35 million (3.5 million USD).
The company added, “The total revenues that the company expects to obtain will amount to about OMR 6.24 million.”
Read More
- Muscat Municipality begins road maintenance works in Amerat
- Oman announces 2026 shrimp fishing season from September 1 to November 30
- How Oman Customs uses data and intelligence to foil drug smuggling
- SalamAir launches direct Muscat-Sylhet service, becoming first foreign airline on route
- Oman Education Ministry processes over 12,000 student transfers after technical issues addressed
It also stated that it intends to repay its loans from the proceeds and will be able to consolidate and strengthen its balance sheet for future expansion and growth. The company also explained that the deal is expected to take two to three months to be closed. The company also emphasised continuing to look for similar opportunities in the future once the situation is stable.
