Sumitomo Signs Loan Pact With Japan Banks for Oman Water Plant

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.

To contact the reporter on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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