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Orpic Wins Project Finance Deal of the Year Award for LPIC Deal

Source: 7/24/2017, Location: Middle East

As one of its values to aim for leading performance, Orpic has been awarded the perfect Project Finance Deal of the year (2016) from Trade and Export Finance Agency (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 (CFO) - Orpic said on this occasion, "This award comes to reaffirm Orpicís strong presence as one of the fast 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 USD 6.4 billion Liwa Plastics Industries Complex (LPIC) project is a transformational project that will improve Orpicís 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 the 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.

TXFís perfect 10s are awarded to the top 10 deals that are recognized for most innovative, market influencing transactions within trade, commodity, ECA/DFI-backed and project financing.

It is worth mentioning that Orpic also won the 2016 Project Finance International (PFI) Award as Middle East Petrochemical Deal of the Year in London, UK, as well as the MENA PetChems Deal of the Year by IJ Global Awards for the LPIC finance deal.

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