National Bank of Oman (NBO) has been selected as the onshore bank for PetroTel Oman LLC, which recently secured a US$300mn financing from the US International Development Finance Corporation (DFC) for its oil and gas projects in Oman’s Musandam peninsula.

The selection highlights NBO’s ability to structure tailor-made financing solutions for large-scale and multinational corporations, while continuing to support strategically important private sector organisations that are instrumental for the future growth of the economy, NBO said in a press statement.

AsifRedha, head of global transaction banking at NBO, said, “NBO is always ahead in the market by providing innovative technological solutions to international and local businesses. Our Corporate Internet Banking and B2B channels are at the forefront of helping institutions to leverage their cash flows and optimise their resources, and have made us the bank of choice for many reputed organisations. We are glad to offer our tailor-made solution to PetroTel Oman LLC to meet its requirements, throughout the whole of their project lifecycle.”

Dr Anil Chopra, chairman and CEO of PetroTel Oman LLC, added, “We are happy to have chosen NBO as our onshore banking partner with DFC. This project is a significant investment in Musandam and our partnership with NBO will help us solidify our contribution to the socio-economic growth and development of the Sultanate of Oman under the guidance of the Ministry of Energy and Minerals.”

An exploration and production company headquartered in Texas, US, PetroTel Oman LLC operates Block 17 in Musandam. Its latest investments in the region promise to fuel the country’s economic development.