Oman's ORPIC to use debt to finance most of $5.2 bln plastics plant

(Reuters, SOHAR, Oman, 8 September 2015) State-owned Oman Oil Refineries and Petroleum Industries Co (ORPIC) will borrow money to finance 70 percent of its $5.2 billion plastics production complex, its chief financial officer said on Tuesday. The complex, the Liwa Plastics Project, is being built in the northern port city of Sohar and aims to further diversify the sultanate's economy away from hydrocarbons. It is due to be completed in 2018. ORPIC has contacted 35 banks - both domestic and international - and eight export credit agencies, to fund the project.