Meethaq Islamic Banking and Hydrocarbon Finder E&P (HCF) have signed an Islamic financing facility for the development of HCF-operated oil and gas fields in Block 7, Times of Oman reported.

The agreement was signed by Deputy CEO of Meethaq Islamic Bank, Sulaiman al-Harthy, and Chairman of S&T Group on behalf of HCF, Sulaiman al-Adawi, according to Muscat Daily.

“Meethaq is proud to be associated with Hydrocarbon Finder and congratulate the promoters for initiating this project. Meethaq’s association with the project comes as part of its commitment to spotlight investment opportunities in core development sectors across the sultanate”, al-Harthy stated.

He continued: “As the pioneer of Islamic banking in Oman, Meethaq recognizes the immense investment prospects and potential that Oman offers and is committed to supporting strategic national development initiatives in line with Oman’s Vision 2040 economic blueprint.”

Al-Adawi added: “The timing of entering into the sector in a low price environment meant that HCF is able to execute its development activities in a cost efficient manner. We are extremely happy with the support and commitment shown by Meethaq to HCF’s project and look forward to having a long and mutually beneficial relationship with the bank.”