Mubasher: Ahli United Bank – Bahrain (AUB) on Sunday confirmed its participation in an $820 million financing deal for the Salalah liquefied petroleum gas (LPG) project.

The loan will be a joint project with eight local, regional, international banks, AUB revealed in a statement, but did not specify its share in the loan.

Last week, Oman’s Ministry of Oil and Gas announced signing an agreement with the Oman Gas Company (OGC), which involved building, owning, and operating the LPG extraction utilities at an estimated cost of about $820 million.

The LPG extraction project is expected to begin operation by 2020.

Sultan bin Hamad Al Bartamani, acting CEO of OGC, said that this company’s LPG project will receive financing through eight local, regional and international banks.

These banks are: Bank Muscat, Standard Chartered Bank (SCB), Bank Sohar, Qatar National Bank (QNB), Société Générale, Ahli Bank - Oman, AB Corp, and AUB – Bahrain, Al Bartamani revealed.