Oman Oil Refineries and Petroleum Industries Company (Orpic) has been awarded the Project Finance Deal of the year (2016) award by Trade and Export Finance (TXF) for its Liwa Plastics Industries Complex (LPIC) project finance deal.

The award ceremony was held at the Export and Project Finance Global Conference in Venice, Italy, a report in Times of Oman said quoting a company release.

“This award comes to reaffirm Orpic’s strong presence as one of the fast growing downstream companies in the region. The hard work, commitment and dedication that the team has showed to the financing of LPIC project is, without a doubt, a source of pride for Orpic,” said Nazar Al Lawati, chief financial officer (CFO).

The $6.4-billion LPIC project is a transformational project that will improve Orpic’s product mix and business model, double its profit and support the development of a downstream plastics industry in Oman, the report said.

The project is expected to increase the production of plastic products by more than one million tonnes, which will increase the company's total production of plastics to 1.5 million tonnes of polyethylene and polypropylene.