Dubai: Oman’s Salalah Methanol Co has asked banks for a $720 million (Dh2.6 billion) syndicated loan that the state-run petrochemical company would use for a new ammonia plant and refinancing purposes, banking sources said on Wednesday. Bank Dhofar and Standard Chartered are advising the company on the financing, which is expected to have a 12-year maturity. Banks are expected to submit their commitments to the loan by the end of March, the sources said.

Telephone calls and an email to Salalah Methanol seeking comment were unanswered.