Oman refinery wins key $100m funding
Muscat, June 1, 2014
Oman Oil Refineries and Petroleum Industries (Orpic) has won $100 million funding from Italian export credit agency SACE for its Sohar Refinery.
With this key funding, the Sohar refinery will be able to boost its production capacity by 70 per cent from the current 116,400 barrels per day to 198,000 bpd, reported the Oman Daily Observer.
The aid, granted by the Italian agency, was allocated by HSBC Bank for financing the modernisation and expansion of the Omani refinery.
It will help the Oman company to fund provisions by Italian firms producing equipment for oil and gas industries as part of the Engineering, Procurement and Construction contract, the report added.
The Sohar project offers to the domestic market in particular refined products including oil, diesel, gasoline, GPL and other hydrocarbons and provides propylene and naphtha to two petrochemical firms controlled by Orpic.