Oman to raise $4b for ship fleet by year-end

Muscat: Oman's state shipping firm aims to raise $4 billion by year-end to finance its proposed fleet expansion programme, a finance ministry official said.

"The $4 billion we are raising this year will fin-ance the existing vessels already on order and the purchase of more ships," an official at the Ministry of Finance, which is arranging the deal, said.

Oman Shipping Company (OSC) is looking to grow its fleet to meet demand for energy transportation by adding between 15 and 20 refined product tankers to its fleet.

OSC's major stakeholders include the Ministry of Finance and Oman Oil Company. "It is too big for local financial institutions to wholly finance the deal but we can collaborate with foreign banks," Bank Muscat chief operating officer Ahmad Al Abry said.