Italian export credit agency SACE guaranteed a credit line of US$840 mln issued by State-controlled investment bank Cassa Depositi e Prestiti (CDP) for a share of US$189 mln to support the construction in Oman of the LIWA petrochemical complex (Liwa Plastic Industries Complex).
SACE presented the business opportunities of the project in Milan. The financing will sustain supply contracts awarded by ORPIC (a company controlled by the Omani government active in crude oil refining and petrochemicals) to Maire Tecnimont, and subcontracts that will be assigned to numerous Italian companies, especially SMEs, that produce machinery tools for the oil & gas sector. LIWA will produce 1.1 tpa of polypropylene and polyethylene, intended primarily for international markets, and will be part of the Sohar integrated industrial zone owned by ORPIC.
Once completed, the petrochemical complex will become one of the world's most technologically advanced, enabling Oman to develop a solid local plastics industry in line with the government's economic diversification plans.
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