BankMuscat signed an agreement with Oman Cement Company (OCC) for term loans totalling OMRO. 26m, which aims at refinancing and modernising OCC plants.
Abdulrazaq bin Ali bin Issa, Chief Executive of the Bank signed the agreement on behalf of BankMuscat and Jamal bin Shamis al-Hooti, CEO, signed on behalf of OCC in the presence of Dr Abdullah bin Abbas bin Ahmed, chairman of OCC.
The loan will be invested in funding the project to upgrade the efficiency of OCC’s kiln line and to improve environmental control at the plant, in addition to benefiting from the loan in the recovery of another funding loan.
Abdulrazaq bin Ali bin Issa, Chief Executive of BankMuscat said: "This is a significant milestone in the long-standing relationship between Oman Cement Company and BankMuscat.