#Oman Said to Cut Borrowing Plans as It Turns to Asset Sales - Bloomberg

Oman Said to Cut Borrowing Plans as It Turns to Asset Sales - Bloomberg:

Oman plans to slash its borrowing requirements for 2019 by as much as 70 percent and rely on asset sales to plug one of the largest budget deficits among oil exporters, according to a senior government official.

The Gulf Arab monarchy will likely raise between $2 billion and $3 billion in bonds and loans, the official said on condition of anonymity because the plans haven’t been made public. The budget had listed debt requirements of about $6.2 billion.

Oman is working with legal advisers to update its bond program and will tap the market before early May. The country plans to plug its funding gap using dividends and capital gains received from Oman Oil Co.’s stake sale of the Khazzan field, the official said. An additional $1 billion will come from the ownership transfer of some gas pipelines to Oman Gas Co., he said.