Oman’s Energy Development Oman (EDO) has achieved a long-term credit rating with a stable outlook (BB-) by S&P’s Global Ratings and a standalone credit rating of (BBB-) which is considered at the investment level.

Mazin bin Rashid Al Lamki, the CEO of EDO, confirmed that this credit rating is a vital step in the implementation of the company’s future strategic plans.

Mazin Al Lamki, CEO of Energy Development Oman

He explained that the rating agency approved in its assessment that the company has large reserves of oil and gas reserves and an ability to operate at low costs, which contributed to supporting the positive credit rating level.

Al Lamki further added that the rating will increase transparency and competitiveness to attract investors and future partnerships, in addition to the company’s ability to obtain financing offers at lower costs.

He also noted that the company’s future strategic plans and financial flow policies are among the main factors contributing to achieving financial sustainability.

EDO is now working to implement its ambitious plans in the energy and alternative energy sectors, which will contribute to improving the credit rating of the Sultanate and create an attractive environment for investment in this sector.