MOSCOW (MRC) -- Italian export credit agency SACE guaranteed a credit line of USD840 mln issued by State-controlled investment bank Cassa Depositi e Prestiti (CDP) for a share of USD189 mln to support the construction in Oman of the LIWA petrochemical complex (Liwa Plastic Industries Complex), as per Plastemart.
SACE presented the business opportunities of the project in Milan. The financing will sustain supply contracts awarded by ORPIC (a company controlled by the Omani government active in crude oil refining and petrochemicals) to Maire Tecnimont, and subcontracts that will be assigned to numerous Italian companies, especially SMEs, that produce machinery tools for the oil & gas sector. LIWA will produce 1.1 tpa of polypropylene (PP) and polyethylene (PE), intended primarily for international markets, and will be part of the Sohar integrated industrial zone owned by ORPIC.
Once completed, the petrochemical complex will become one of the world's most technologically advanced, enabling Oman to develop a solid local plastics industry in line with the government's economic diversification plans.
As MRC informed previously, The Export-Import Bank of Korea (Korea EXIM Bank) will provide USD370 million worth project financing to Oman Oil Refineries and Petroleum Industries Company (ORPIC)’s petrochemical project in Liwa province. The Liwa petrochemical project is Oman’s national project that aims to build the country’s first petrochemical plant using natural gas as feedstock. The project is worth USD6.3 billion and it was awarded to a consortium led by South Korea’s GS Engineering & Construction in December 2015.
MRC