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