Oman Oil Refineries and Petroleum Industries Company (Orpic) has appointed Trowers & Hamlins as local counsel to advise a consortium of 21 international and local financial institutions on all legal aspects of the financing of a $2.8 billion loan, according to a report.

The loan will be applied towards some of Orpic’s large-scale projects over the coming years, including the $2.1 billion Sohar Refinery Improvement Project (SRIP) designed to enhance the current production capacity of the refinery by more than 70 per cent, said the Oman Daily Observer report.

The project will involve engineering, procurement, construction, start-up and commissioning services and will be 65 per cent debt financed, it said.

Trowers & Hamlins advised on the Oman law aspects of the finance documents, including the common terms agreement, facilities agreements and the security trust and inter creditor deed.

The firm also negotiated the Oman law security documents involved in the project, such as the commercial and legal mortgages, the account pledge and assignment of insurances, said the report.

It assisted in the preparation of the legal due diligence report which involved complex local regulatory issues and a close analysis of Orpic's contractual arrangements, including a crude oil supply agreement with the Ministry of Oil and Gas in Oman, it added.