Petroleum Development Oman raises $4bn for new projects

Petroleum Development Oman (PDO), the country's top oil and gas exploration and production company, has obtained a $4 billion loan from international banks, part of a rush of foreign borrowing by Oman as low oil prices strain state finances.

The five-year pre-export facility is the company's first international loan and was priced at 160 basis points over the London interbank offered rate (Libor), state-owned PDO said on Wednesday.

"This competitive new source of funding will enable us to reduce reliance on government funding, so that it can redeploy resources to other areas of the economy," said Raoul Restucci, PDO's managing director.

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