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FINANCIAL NEWS
Financial closure of Sohar refinery expansion by the end of the year
23 Jul 2013
(MENAFN) Oman Refineries and Petroleum Industries Company (Orpic) announced that its financial closure of its expansion project in the Sohar refinery will be attained before the year’s end, Times of Oman reported.
The refinery expansion’s engineering, procurement, and construction (EPC) contract will be handed by the end of the year.
Musab Al Mahruqi, CEO of Orpic, stated that since Oman is known for completing projects in accordance with international standards, this project will be funded by international institutions as well as local and regional.
30 percent of the expansion funding will come through internal cash flow or contributions from shareholders. The remaining 70 percent will be in the form of loans from financial institutions.
Al Mahruqi commented on the importance of the expansion by saying, “It is an important project not because it will increase the productivity of Sohar refinery but because it will also solve many of the environmental challenges we have today.”
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