State-owned Oman Oil Refineries and Petroleum Industries Company (Orpic) said it has secured $3.8 billion in project financing for its Liwa Plastics Industries Complex, it said.

The financing was supported by export credit agencies representing the governments of Italy (Sace Cdp), the Netherlands (Atradius Dutch State Business), Korea (K-Exim and K-Sure), the United Kingdom (UKEF) and Germany (Euler Hermes), along with 19 international, regional and local commercial lenders, it said.

The mandated lead arrangers and arrangers of the Liwa project financing are Arab Banking Corporation, BankDhofar, Bank Muscat, Bank of Tokyo-Mitsubishi, BNP Paribas Fortis, Cassadepositi e prestitis, CréditIndustriel et Commercial, Crédit Agricole Corporate and Investment Bank, Export Development Canada, HSBC Bank, ING Bank (a branch of ING-DIBA), JPMorgan Chase Bank, KfW Ipex-Bank, Korea Development Bank, Natixis, Saudi National Commercial Bank, Société Générale, Sumitomo Mitsui Banking Corporation and UniCredit.

The Omani group had completed the financing of LPIC on a highly accelerated timetable, which was designed to coincide with the scheduled commencement of works on the project construction packages.

The commissioning for the project is scheduled to be completed in 2020. On completion, the Liwa complex project will transform Orpic’s product mix and business model, double company profit, create new business opportunities, generate significant employment opportunities and support the development of a downstream plastics industry in Oman.

The total value of the project is $6.5 billion, Orpic said. - Reuters