CB&I has issued a statement congratulating Oman Oil Refineries and Petroleum Industries Co. (Orpic) on receiving 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.
TXF’s Perfect 10 is a prestigious 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.
Duncan Wigney, Executive Vice President of CB&I’s Engineering & Construction operating group, 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 US$1.3 billion 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. This is the largest ever project financing transaction to be achieved in the Sultanate.
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 880 000 tpy ethylene plant, pygas unit and MTBE unit, as well as the related off-sites and utilities. CB&I is also fabricating cryogenic and atmospheric storage tanks, and pipe spools for the project.
Read the article online at: https://www.hydrocarbonengineering.com/refining/15092017/orpic-wins-award/