Orpic has been bestowed with the Project Finance Deal of the Year Award (2016) by Trade and Export Finance (TXF) for the LPIC project finance deal.
The award ceremony was held at the Export and Project Finance Global Conference in Venice, Italy.
Nazar Al Lawati, chief financial officer, Orpic, said: “This award comes to reaffirm Orpic’s strong presence as one of the fastest growing downstream companies in the region. The hard work, commitment and dedication that the team has showed to the financing of LPIC project is, without a doubt, a source of pride for Orpic.”
The US$6.4 billion Liwa Plastics Industries Complex (LPIC) project is a transformational project that will improve Orpic’s product mix and business model, double its profit and support the development of a downstream plastics industry in Oman.
Taking advantage of the growing global market for plastics, it will create new business opportunities and employment in Oman. In addition, the project is expected to increase the production of plastic products by more than one million tons, which will increase the company's total production of plastics to 1.5 million tons of polyethylene and polypropylene.