State-owned Oman Oil Refineries and Petroleum Industries Company (Orpic) plans to award four engineering, procurement and construction (EPC) packages for building the US$5.2 bln Liwa Plastics Industries Complex in the fourth quarter of this year, as per Times of Oman.
The development programme is divided into four major schemes- a polymers plant in Sohar industrial area, a natural gas liquids (NGL) extraction plant in Fahud, a steam cracker plant and a 300 km long pipeline from Fahud to Sohar.
The project will be funded by way of US$4 bln term loan from international financial institutions and the company will bring in the remaining US$1.2 bln.
The company has already started negotiations with export credit agencies in April this year. "We will be able to secure finance on time for us to award the contract to EPC contractors," noted Nazar Al Lawati, chief financial officer of Orpic. This will be the largest project finance in Oman with over 40 financial institutions taking part in the process.
09-Sep-15 
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