Oman Oil and Kuwait Petroleum International (KPI) have had to revisit their borrowing strategy for the $6 billion Duqm refinery project in light of Oman's recent downgrade by Moody's ratings agency, which has made debt more expensive to secure, Oman's Minister of Oil & Gas Mohammed al-Rumhy told International Oil Daily. Moody's downgraded the long-term issuer and senior unsecured bond ratings of the Oman government by one notch to Baa3 on Mar. 16, citing growing fiscal deficits and the continuing weakening of its economy.
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