Liwa complex wins $3.8bn funds
01 April 2016
State-owned Oman Oil Refineries and Petroleum Industries Company (Orpic) said it has secured $3.8 billion in project financing for its Liwa Plastics Industries Complex (LPIC), a Reuters report said.
The financing was supported by export credit agencies representing the governments of Italy, the Netherlands, Korea, the UK and Germany, along with 19 international, regional and local commercial lenders.
The Omani group had completed the financing of LPIC on a highly accelerated timetable, which was designed to coincide with the scheduled commencement of works on the project construction packages.
The commissioning for the project is scheduled for 2020.
On completion, the Liwa complex project is expected to transform Orpic’s product mix and business model, double company profit, create new business opportunities, generate significant employment opportunities and support the development of a downstream plastics industry in Oman.
The total value of the project is $6.5 billion, Orpic said.
- CDE Global marks major success in Kuwait
- Kuwait to launch $4bn projects
- $3bn industrial city eyed for Suez
- Liwa complex wins $3.8bn funds
- Oman awards $1.5bn worth of IWPs
- Update
- Modern Abrasives adds German brand to portfolio
- Qatar law on PPPs by year-end
- Qatar mega mall ‘to cost 20pc less’
- SSH role for Kuwait hotel
- 214,000 rooms under construction across MEA
- Oman’s $600m ITC to open in 2017
- Asaas to build four-star hotel
- Bahrain issues $956m tenders
- $250bn GCC rail work ‘on track’
- Oman railway 4 years away
- Galfar wins $299m contract
