Oman’s Abraj Energy Services, partly owned by state energy company OQ, has signed a Sharia-compliant Islamic financing facility worth 40 million rials ($104 million) with Alizz Islamic Bank.
A total of 30 million rials will be used to finance Kuwaiti rigs while the remaining 10 million rials will be utilised for non-funded working capital facilities, the Muscat Stock Exchange-listed oil and gas provider said in a statement.
The new credit facility will reduce reliance on conventional debt and seek more Shariah-compliant financial solutions, the statement added.
Abraj Energy Services signed a five-year strategic partnership deal with Kuwait Gulf Oil Company and Saudi Arabian Chevron to extract and drill for oil in Kuwait, Reuters reported in February 2023, citing a company statement.
The deal will see Abraj build three drilling platforms in the Wafra oilfield in Kuwait.—Zawya