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State refiner Oman Oil Refineries and Petroleum Industries Company (Orpic) has closed an OR350mn ($915mn) syndicated loan facility which will help fund a three-project development program expected to cost around $7bn and due for 2018 completion.
Oman News Agency lists the lenders as Bank Muscat, Dhofar Bank, Oman National Bank, Sohar Bank, Oman Arab Bank – all in Oman – as well as Qatari duo Ahli Bank and Qatar National Bank.
The loan will help finance what Orpic describes as the “multi-billion dollar” Sohar Refinery Improvement Project (SRIP) – for which it has awarded engineering, procurement and construction (EPC) contracts worth $2.1bn – as well as the $3.6bn Liwa Plastics Project and the $320mn Muscat-Sohar Products Pipeline (MSPP) and associated storage terminal.
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