State-owned Energy Development Oman (EDO) has secured a $1 billion loan to fund a planned expansion of its renewable energy operations.
Dubai’s Mashreq Bank and Oman’s Bank Sohar International acted as lead arrangers to raise the funds from international and regional lenders, EDO said in a press release.
Mazin al Lamki, chief executive of EDO, said the loan met its “primary goals of cost-efficiency and investor diversification”.
EDO owns Hydrogen Oman (Hydrom), which is investing $20 billion in green-hydrogen projects across the sultanate. It plans to increase production by 20 percent to 1.4 million tonnes per year by 2030.
The company also owns 60 percent of crude oil production and 100 percent of gas extraction in block 6 operated by state-run Petroleum Development Oman.
Shell holds 34 percent in the block, while TotalEnergies has the rest.
The 130 sq km block 6, located in the Ghaba basin at Fahud, produces 650,000 barrels per day of oil and condensate. It has estimated reserves of more than 1 billion barrels of crude.
EDO’s profit fell 10 percent in the first six months of 2025 to $7.44 billion compared to a year earlier, hit by lower oil prices.
