Oman Refineries and Petroleum Industries Co (Orpic) is aiming to raise $4 billion for its Liwa Plastics Industries Complex, reported Trade Arabia, with bidding already under way for four Engineering, Procurement and Construction (EPC) packages.

The complex consists of a polymers plant in Sohar industrial port, an NGL extraction plant in Fahud, a steam cracker plant, and a 300 km pipeline from Fahud to Sohar.

“We are currently in discussion with eight export credit agencies regarding project due diligence, and the terms and conditions of financing this project, and we plan to launch requests for proposals to commercial banks over the coming month,” said Musab al Mahrouqi, CEO of Orpic.

In a further development cited by Zawya, Orpic has just received five technical bids for the polymers plant in Sohar industrial area and three technical bids for an NGL extraction plant in Fahud. Other bids are also expected on the steam cracker and pipeline packages by mid-August.

“Orpic’s Liwa Plastics Industries Complex is not only expected to generate significant financial returns to the shareholders, but will also further diversify Orpic’s product mix and intensify its downstream business operations — supporting the company’s firm entry into the petrochemicals market. This is a very exciting period for Orpic,” added Al Mahruqi.