Omagine

Company has signed a Development Agreement with the Government of the Sultanate of Oman. Omagine Owns 60%; Sultanate Owns 25%; Consolidated Contractors Owns 15%. Project to be developed on 245 acres of beach front land on Gulf of Oman. The estimated cost approximately $2.5 Billion. BNP Paribas To Lead Construction Financing Syndicate.

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Re: Can someone explain, please!

Omagine

over 9 years ago

in response to John Paul's message

Hmmmm.. not sure there are "plenty of contractors" willing to invest $49M in this deal, even after "syndicated financial agreement" is in place. Must consider risks and logistics of MENA region developments. However I think there was one other contractor interested (can't remember name) early on.. got dumped in favor of CCC.. no doubt because CCC offered a better deal.

Knowing Frank, he got the best deal he could.. wrapping up the contractor and his investment early on to ease the path to the all important DA. CCC, after all, is heavily involved in Oman already, which has to be an advantage.

The financing MUST occur, or the whole deal is dead. The flavor of the 10K seems to indicate that management does not think this is a problem. The usufruct and land transfers are "legal obligations" at this point.. just need formal ratification and announcement.. admitedly a maddeningly slow process that CCC probably can't accelerate.