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
- Oman reviews response to oil tanker grounding off Qibliya Island
- India expands training opportunities for professionals in Oman through ITEC programme
- Oman approves over RO 100,000 to support 144 scientific research papers
- Oman and Bahrain strengthen cooperation against human trafficking
- Oman signs two green hydrogen deals, targets 121,000 tonnes annually by 2032
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.
