Oman Gas Company (OGC) on Monday signed with seven international and local financial institutions an agreement worth 1.1 billion U.S. dollars to improve its gas network.

The signing ceremony was attended by government officials including Salim bin Nasser Al Aufi, undersecretary of Oman's Ministry of Oil and Gas, and banking representatives.

The fund will be used to improve the transparency in pricing, help the OGC expand and facilitate the process of funding, said Isam Al Zadjali, CEO of Oman's Oil Company.

"The new structure is the first project of its kind in Oman and will allow OGC to operate independently with appropriate financial and operational incentives to encourage efficiency," said Sultan Al Burtmani, acting executive managing director of OGC.