Orpic Secures $2.8bn For Sohar Revamp

Oman’s state refiner Orpic has secured a $2.8bn loan from a consortium of 21 international and national financial institutions for projects including the Sohar Refinery Improvement Project (SRIP), which it says will be 65% debt financed. Orpic CFO Nazar Al Lawati touts the “unique hybrid finance structure.”

Orpic says SRIP will overcome technical issues arising from the changing quality of Oman crude, meet growing domestic fuel, support government industrial initiatives and increase the integration of Orpic’s Sohar complex. It will raise Sohar CDU capacity from 116,000 b/d to 197,000 b/d, while expanding gasoline and diesel output and meeting Euro IV specifications. UK’s Petrofac and Korea’s Daelim are revamping the refinery under a $2.1bn contract (MEES, 29 November 2013). (CONTINUED - 268 WORDS)