Sumitomo Signs Loan Pact With Japan Banks for Oman Water Plant
Stock Chart for Sumitomo Corp (8053)
Japan’s Sumitomo Corp. (8053) and its partners Malaysia’s Malakoff Bhd and Spain’s Cadagua SA signed a loan agreement with three Japanese banks for a desalination plant in Oman.
Sumitomo Mitsui Banking Corp., The Bank of Tokyo Mitsubishi-UFJ, and Japan Bank for International Cooperation will provide the funds, the Japanese trading company said in a statement today, which didn’t specify an amount.
JBIC said in a separate statement today that it will lend as much as $105 million for the project. The plant, to be completed by October 2014, is expected to cost as much as 30 billion yen ($304 million), Sumitomo said in November when it announced the project.
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