OQ Gas Networks (OQGN), Oman signed three financing agreements with 16 local and regional banks to the tune of USD 1.2 billion.

Collectively, this financing move is considered one of the largest syndicates of Sharia-compliant financing in Oman, providing the company with access to capital in dual currencies (RO 225 million and USD 620 million) to support its ongoing corporate activities and refinancing requirements.

OQGN Vice President of Finance, Khalid Al Qassabi commented “The terms were agreed to be compliant with sharia financing rules and we are now in the process of certifying them with local and regional sharia boards. We hope this financing will set a positive precedent for local, regional and international Islamic banks for similar transactions. This financing will support OQGN’s ongoing operations and next phase of growth.”

OQGN is the exclusive owner and operator of the natural gas transportation network in Oman. OQGN aims to champion the management and development of energy infrastructure through innovative and sustainable solutions, statement mentioned.