State-owned oil developer Oman Trading International (OTI) has renewed and increased its one-year borrowing base facility with three international banks.

The facility has been increased from US$300mn to US$480mn.

This is one of the first and largest borrowing base facilities in the region and will enable OTI to finance its Singapore operations.

Natixis, Rabobank and Standard Chartered acted as co-mandated lead arrangers on the deal.

Additionally, Natixis acted as facility agent, security agent and overdraft bank, Rabobank as the issuing bank and Standard Chartered as documentation agent.

Natixis were unable to disclose the pricing details of the loan when approached by GTR, but the bank did confirm that the facility will be used to fund international trade activities, including the issuance of letters of credit, financing of prepayments and stock, and margin and receivable financing.

Amer Al Jabri, OTI’s finance director adds: “This facility is sized to accommodate the strong developments of OTI in the international oil markets.”

OTI is a joint venture between Vitol Holding and Oman Oil Company.