SACE pledges $100m for Sohar refinery improvement

(Oman Observer, Muscat, 29 May 2014) Italian export credit agency SACE has pledged $100 million allocated by HSBC Bank for financing the modernisation of Sohar Refinery, owned and operated by Oman Oil Refineries and Petroleum Industries (ORPIC). The aid granted by SACE, which supports the internationalisation of Italian firms, is part of a project to modernise and expand the Sohar refinery. It will be allocated by the Oman company to fund provisions by Italian firms producing equipment for oil and gas industries as part of the Engineering, Procurement and Construction contract.