Oman on Wednesday announced it has taken out a $3.55-billion loan from Chinese banks to cover its budget deficit for the current fiscal year.

The sultanate had originally planned to raise $2 billion on the Chinese market but raised the amount because of strong demand, the finance ministry said.

It said Oman had previously raised $5 billion with a bond issue and another $2 billion in sukuk, or Islamic bonds.

The loans aim to cover the deficit in the 2017 budget, deputy finance minister Nasser al-Jishmi was quoted by the official news agency ONA as saying.

Oman, a non-OPEC producer which pumps a modest 1 million barrels per day, in January announced a deficit of 3 billion riyals ($7.7 billion) and vowed to press on with an austerity programme to combat the global slump in oil prices.

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BP's CEO: Prepare for the new oil price environment
Washington (UPI) Aug 1, 2017
Production from British supermajor BP edged higher, though income was lower and the company's CEO said he was positioning the company for a new market climate. "We delivered strong operational performance in the first half of 2017 and have considerable strategic momentum coming into the rest of the year and 2018, with rising production from our new upstream projects and marketing growth ... read more

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