Skip to content
AidData logo

Overview

Bank of China participates in $330 million syndicated loan with Majan Electricity Company (MJEC) for general corporate purposes (Linked to Record ID#96401)

Commitments (Constant USD, 2023)$29,994,843
Commitment Year•2016Country of Activity•OmanDirect Recipient Country of Incorporation•OmanSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 1, 2016
Last repayment
Mar 30, 2026

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

Bank of China participated in a syndicated loan with Majan Electricity Company (MJEC) for general corporate purposes. More detailed locational information can be found at: https://www.openstreetmap.org/way/1162068944

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Intergovernmental Organizations

  • Arab Petroleum Investments Corporation (APICORP)
  • Bank of Bahrain and Kuwait B.S.C (BBK)

Private Sector

  • Ahli Bank Oman
  • Ahli United Bank
  • Al Khalij Commercial Bank P.Q.S.C.

State-owned Banks

  • Abu Dhabi Commercial Bank PJSC (ADCB)
  • Arab Banking Corporation (Bank ABC)
  • Saudi National Bank (SNB) (SNB AlAhli) (Formerly The National Commercial Bank (NCB))
  • Union National Bank (UNB)

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

State-owned companies

  • Export Development Canada (EDC)

Receiving agencies

State-owned companies

  • Majan Electricity Company

Loan desecription

Bank of China and ICBC contributions to USD 330 million syndicated loan with Majan Electricity Company (MJEC) for general corporate purposes

Interest rate (t₀)•4.4011%Interest type•Variable Interest RateMaturity•10 years

Narrative

Full Description

Project narrative

In April 2016, Majan Electricity Company (MJEC) — a subsidiary of Oman’s Electricity Holding Company S.A.O.C. (EHC) that manages power networks in some of Oman's regions — signed a $330 million syndicated loan agreement with a set of Chinese and non-Chinese banks for general corporate purposes. Participants in the loan syndicate included Arab Banking Corporation, Arab Petroleum Investments Corporation, Abu Dhabi Commercial Bank, Ahli United Bank, Ahli Bank Oman, Export Development Canada, National Commercial Bank, Industrial & Commercial Bank of China (ICBC), Union National Bank, Bank of Bahrain and Kuwait, Bank of China, and Al Khaliji Commercial Bank. ICBC's contribution to the syndicate is captured via Record ID#96401. Bank of China's contribution is captured via Record ID#96402. JP Morgan and Bank Muscat Investment Banking served as mandated lead arrangers. The loan carries a 10-year maturity (final maturity date: 2026) and an estimated interest rate of LIBOR plus a 3.5% margin.

Staff comments

1. AidData has estimated the all-in interest rate by adding 3.5% to average 6-month LIBOR in April 2016 (0.903%). 2. The exact monetary value of ICBC and Bank of China's contributions to the $330 million syndicated loan tranche are unknown. For the time being, AidData assumes equal contributions ($27,500,000) across the 12 known members of the syndicate. 3. EHC is also known as Nama Holding. 4. The Electricity Holding Company S.A.O.C. (EHC) is a closed joint stock company registered under the Commercial Companies Law of Oman on 19/10/2002 and commenced business on 16/9/2003. EHC is wholly owned by the Government of The Sultanate of Oman. 5. Dentons served as a legal adviser to the borrower. Latham & Watkins, Al Busaidy, Mansoor Jamal & Co served as legal advisors to the Joint Lead Managers. 6. In December 2019, State Grid International Development Co., Limited (SGID), the sole platform for overseas investments and operations of the State Grid Corporation of China, acquired a 49% stake in Oman Electricity Transmission Company (OETC) from Electricity Holding Company S.A.O.C. (also known as Nama Holding) for approximately $1 billion.