Oman's state shipping firm aims to raise $4 billion by year-end to finance its proposed fleet expansion program, a finance ministry official said. “The $4 billion we are raising this year will finance the existing vessels already on order and the purchase of more ships,” an official at the Ministry of Finance, which is arranging the deal, told Reuters on Thursday. Oman Shipping Company (OSC) is looking to grow its fleet to meet demand for energy transportation by adding between 15 and 20 refined product tankers to its fleet. OSC's major stakeholders include the Ministry of Finance and Oman Oil Company. “It is too big for local financial institutions to wholly finance the deal but we can collaborate with foreign banks to raise the money,” Bank Muscat chief operating officer Ahmed Al-Abry told Reuters. Part of OSC's multi-billion dollar expansion includes an order to build 10 Very Large Crude Carriers (VLCCs), chief financial officer Kuldeep Mathur said in March. In February, OSC placed two separate orders with Hyundai Heavy Industries Co to build five supertankers, and with Daewoo Shipbuilding to build another five VLCC's.
