Oman Oil Refineries and Petroleum Industries Company (Orpic) has received the 2016 Project Finance Deal of the year award from Trade and Export Finance (TXF) for its Liwa Plastics Industries Complex project in Sohar, Oman. CB&I has congratulated the company.
TXF’s Perfect 10 is an award given to the top 10 deals that are recognised for the most innovative, market influencing transactions within trade, commodity, export credit agency (ECA)/development finance institution-backed and project financing.
Executive Vice President of CB&I’s Engineering & Construction operating group, Duncan Wigney said: “CB&I and Orpic have demonstrated strong cooperation and partnership on this project, including the project financing. We want to congratulate Orpic for achieving this significant award, which acknowledges the collaboration and teamwork of all parties involved.”
CB&I played a key role in the provision of $1.3bn multi-ECA financing for package 1 of the project. The financing was secured in a collaborative effort between Orpic, CB&I and five ECAs in 2016 amidst a challenging oil market. This is the largest ever project financing transaction to be achieved in the Sultanate.
Duncan said: “CB&I has more than 25 years of experience in project financing and continues to be seen as a trusted advisor in securing financing for major energy projects. Our experience constructing large, capital projects enables us to manage multiple ECAs, lenders and other strategic suppliers to provide our customers with the simplest and most robust financing structures possible, while optimally balancing flexibility with total cost.”
CB&I, in joint venture with CTCI Corp., is providing the engineering, procurement and construction (EPC) for the steam cracker and associated utilities for the complex. The scope of work includes ECA-financed EPC for a grassroots 880-ktpa ethylene plant, pygas unit and MTBE unit, as well as the related off-sites and utilities. CB&I also is fabricating cryogenic and atmospheric storage tanks, and pipe spools for the project.