Orpic Targets Year-End Wrap-Up Of Liwa Financing

Oman’s state downstream firm Orpic says the four contracts for construction of the 1.1mn tons/year Liwa Plastics project at Sohar will cost a total $4.5bn. The company is now looking to tie up project finance by year-end, but expects the total project cost to be $5.2bn. Commissioning of the plant is scheduled for 2019.

“We are concluding discussions with export credit agencies, commercial banks and other relevant authorities and we expected to finalize the project funding plan by the end of the year, enabling us to award the respective EPC contracts,” says Orpic Chief Executive Musab al-Mahruqi.

Orpic has finalized negotiations for the Liwa project packages as follows: steam cracker and utilities with US firm CB&I and Taiwan’s CTCI (MEES, 27 November); plastics units with Italy’s Tecnimont; NGL extraction unit with Korea’s GS Engineering and Construction and Japan’s Mitsui; and NGL pipeline with India’s Punj Lloyd (MEES, 30 October). (CONTINUED - 154 WORDS)