May 28 – SACE has guaranteed a loan of $100 million granted by HSBC in favor of Orpic, a company engaged in crude oil refining and petrochemical sectors, controlled by the government of Oman. The amount guaranteed by SACE is part of the Sohar refinery modernization and expansion project; and will be allocated by Orpic to the financing of equipment for the oil & gas industry supplies by Italian companies, as part of a Engineering, Procurement and Construction contract. The Sohar plant offers, especially in the domestic market, refined gasoline, diesel , fuel oil , LPG and other hydrocarbons products and provides propylene and naphtha to two petrochemical companies controlled by Orpic. Thanks to a $2.8 billion investment plan, funded by several export credit companies and commercial banks, the refinery will increase its production capacity from the current 116.400 to 198.000 barrels per day. The expected 70% increase will meet the growing domestic demand. It will also improve the efficiency of the refinery, which will become one of the most efficient plants in the Middle East for production costs.
