Oman is seeking loans from banks and export credit agencies to finance its US$3.6bn Liwa Plastics Project in the Sohar Industrial Zone, according to Oman Oil Refineries and Petrochemical Industries (Orpic)
Henk Pauw, general manager of Liwa Plastics Project, said, “The government could contribute US$600mn to US$1bn in funding. We are still talking to banks and we have also engaged with export credit agencies,” added Pauw.
The plant, which is scheduled for commissioning in Q4 2018, will boost Orpic’s petrochemical output to 1.4mn tonnes per year, he revealed.
“Orpic is currently tendering for engineering, procurement and construction contracts and hopes to sign them and get investment approval by October 2015. Construction of the project is set to start in 2016,” noted the general manager.
Gulf countries are building petrochemical projects as part of plans to diversify income away from oil products, build downstream industries and create jobs for the youth, he added.
The project will face no delay despite the drop in oil prices, said Pauw.
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