Orpic in talks to raise $2.5bn for refinery
Muscat, April 8, 2013
State-owned Oman Oil Refineries and Petrochemical Companies (Orpic) is in talks with two local banks to raise $2.5 billion to expand its Sohar refinery and refinance a previous loan, a government official said on Monday.
"We are talking to National Bank of Oman and HSBC Oman to raise a $2.5 billion loan to extend the Sohar refinery and refinance," a government official involved in the project said.
The banks declined to comment.
The official said $1.5 billion of any loan agreed would be used to upgrade a crude oil processing unit at Sohar refinery to produce 180,000 barrels per day (bpd) from the current 116,000 bpd. The remaining $1 billion would refinance an old loan taken out in 2007 for a previous expansion of the refinery.
Oman has another refinery in the capital Muscat that produces 106,000 bpd and plans to build another refinery at the central eastern town of Duqm. – Reuters
More Energy, Oil & Gas Stories
- MEE launches energy conservation contest
- TSL wins Jordan solar power contract
- SEC signs $366m loan for Jeddah power plant
- Kurdish oil exports 'only with Iraq approval'
- UAE launches energy conservation drive
- Rising Saudi fuel use 'bigger threat than shale'
- Dentons boosts Mideast energy practice
- India seeks Iran's financial guarantees for ships
- Taqa wins approval for N Sea development
- BP to develop $16bn Oman shale gas project