State-owned Oman Oil Company’s upstream arm OOCEP this week finalized a $1bn loan facility to be used to repay a shareholder loan and fund its ongoing activities and investment program. The loan is structured as crude oil pre-export facility with a tenor of five years and an option to allow for an additional $500mn if necessary.

The loan was oversubscribed attracting interest from international banks and was priced at 170 basis points over Libor. Natixis and Societe Generale were...