Or­pic wins ‘Pro­ject Fi­nance Deal of the Year’ award for LPIC pro­ject

Muscat Daily - - BUSINESS -

Mus­cat – Oman Oil Re­finer­ies and Petroleum In­dus­tries Co (Or­pic) won the ‘Per­fect Pro­ject Fi­nance Deal of the Year 2016’ award from Trade and Ex­port Fi­nance (TXF) for Liwa Plas­tics In­dus­tries Com­plex (LPIC) pro­ject fi­nance deal.

The award cer­e­mony was held at the Ex­port and Pro­ject Fi­nance Global Con­fer­ence in Venice, Italy, ac­cord­ing to a press re­lease is­sued by Or­pic.

Nazar al Lawati, chief fi­nan­cial of­fi­cer of Or­pic said, “This award reaf­firms Or­pic’s strong pres­ence as one of the fast grow­ing down­stream com­pa­nies in the re­gion. The hard work, com­mit- ment and ded­i­ca­tion that the team has showed to the fi­nanc­ing of LPIC pro­ject is a source of pride for Or­pic.”

The US$6.4bn LPIC pro­ject is a trans­for­ma­tional pro­ject that will im­prove Or­pic’s prod­uct mix and busi­ness model, dou­ble its profit and sup­port the de­vel­op­ment of a down­stream plas­tics in­dus­try in Oman. Tak­ing ad­van­tage of the grow­ing global mar­ket for plas­tics, it will cre­ate new busi­ness op­por­tu­ni­ties and em­ploy­ment in the Oman.

In ad­di­tion, the pro­ject is ex­pected to in­crease the pro­duc­tion of plas­tic prod­ucts by more than 1mn tons, which will in­crease Or­pic’s to­tal pro­duc­tion of plas­tics to 1.5mn tons of poly­eth­yl­ene and polypropy­lene.

The TXF awards were given to the top ten deals that are recog­nised for most in­no­va­tive, mar­ket in­flu­enc­ing trans­ac­tions within trade, com­mod­ity and pro­ject fi­nanc­ing.

Or­pic also won the Mid­dle East Petro­chem­i­cal Deal of the Year 2016 award from Pro­ject Fi­nance In­ter­na­tional (PFI) in Lon­don. The com­pany was also awarded MENA PetChems Deal of the Year by IJ Global Awards for the LPIC fi­nance deal.

Newspapers in English

Newspapers from Oman

© PressReader. All rights reserved.