Orpic honoured for project finance

MUSCAT: As one of its values is to aim for leading performance, Oman Oil Refineries and Petroleum Industries Company (Orpic) has been awarded the perfect Project Finance Deal of the year (2016) from Trade and Export Finance (TXF) for the LPIC project finance deal.

The award ceremony was held at the Export and Project Finance Global Conference in Venice, Italy, said a company release. “This award comes to reaffirm Orpic’s strong presence as one of the fast growing downstream companies in the region. The hard work, commitment and dedication that the team has showed to the financing of LPIC project is, without a doubt, a source of pride for Orpic,” said Nazar Al Lawati, chief financial officer (CFO), Orpic.

The $6.4 billion Liwa Plastics Industries Complex (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 one million tons, which will increase the company’s total production of plastics to 1.5 million tons of polyethylene and polypropylene. TXF’s perfect 10s are awarded to the top 10 deals that are recognised for most innovative, market influencing transactions within trade, commodity, ECA/DFIbacked and project financing. Orpic also won the 2016 Project Finance International (PFI) Award as Middle East Petrochemical Deal of the Year.