Oman Oil Refineries and Petroleum Industries Company (Orpic) has signed a $2.8 billion loan with a consortium of 21 international and local institutions, the conglomerate said in a statement.

The money will be used to fund various Orpic projects, including an expansion plan for its refinery in the industrial city of Sohar.

Local banks in the consortium include Bank Muscat, National Bank of Oman and Bank Dhofar.

Internationally, HSBC, Standard Chartered and Qatar National Bank are among the participating institutions, as are credit export agencies from South Korea and Italy, the statement added. – Reuters