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
- Foreign Ministers discuss expanding Oman-Niger cooperation
- His Majesty Sultan Haitham to pay official visit to France on Sunday
- India’s new Ambassador to Oman presents credentials copy to Foreign Minister
- CPA raids illegal site run by expats, seizes over 3,000 prohibited goods in Oman’s North Batinah
- Oman’s OPAZ board reviews governance reforms, Madayn Vision 2040 updates at third meeting of 2026
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.
