Veolia-led group refinances Oman project

Oman’s Veolia-led Sharqiyah Desalination Company has refinanced its existing debt of US$ 120.8 million and raised new debt of US$ 42.7 million to fund its expansion of a reverse osmosis water desalination plant at Sur, in the sultanate.

A consortium of international banks purchased the loans from existing lenders, Sharqiya revealed in a statement to the Muscat Securities Market.

All financial conditions have now been met to expand the existing desalination plant, located 160 km south west of Muscat, from 92 Ml/d (MIGD) to 145 Ml/d.

Major shareholders Veolia Middle East – the plant daveloped – along with investor, SAS, and operator, National Water and Power, all played a key role in fostering the transaction.

Sharqiyah board member and chief executive officer, Xavier Joseph, said: “I am very pleased and proud of this major achievement, which I view not only as a recognition of what we have accomplished to date, but also as an exhortation to further succeed in Oman’s being a place of opportunities.”