Tecnimont bags Orpic’s $895 mn EPC contract in Oman

Tecnimont bags Orpic’s $895 mn EPC contract in Oman

6:11 AM, 21st December 2015
Tecnimont bags Orpic’s $895 mn EPC contract in Oman
Pierroberto Folgiero, CEO, Maire Tecnimont. (File photo)

MILAN, ITALY: Maire Tecnimont SpA said that its subsidiary Tecnimont SpA has been awarded an engineering procurement construction (EPC) contract for realization of a polyethylene (HDPE/LLDPE) and polypropylene plant (PP) for approx $895 million by Oman Oil Refineries and Petroleum Industries Company SAOC (Orpic).

The start date is envisaged by March 2016 while the completion of the scope of work is expected in the fourth quarter of 2019.

This contract is one of the four packages forming the Liwa Plastic Industries Complex (LPIC) project.

In order to finance the $6.4 billion-LPIC complex, a credit line equal to $890 million is being currently finalized, disbursed by Cassa Depositi e Prestiti (CDP) and some commercial banks and fully guaranteed by Italian export credit company SACE.

The polyethylene and polypropylene units will be located in the Sohar Industrial Port Area, Sultanate of Oman and will be developed on the basis of PE univation technologies and PP Basell poliolefine technology.

Orpic is Oman’s national refining and petrochemicals company and provides fuel, chemicals and feedstock domestically and worldwide.

The project’s scope of work envisages the polyethylene plant consisting of two “swing” units with a capacity of 880,000 tonne per year (t/y) of high density polyethylene (HDPE) and linear low density polyethylene (LLDPE);the polypropylene plant (PP) with a capacity of 300,000 t/y.

This first award in Oman enables Maire Tecnimont Group to expand its industrial footprint in the GCC region. This prestigious reference will also best position Maire Tecnimont in the Omani market, which is characterized by very promising growth prospects in the hydrocarbon processing value chain.

“We feel honoured to contribute to Oman’s industrial development with such a strategic initiative, enabling the country to produce polyethylene for the first time, which rates highest in the world in terms of global demand. This contract awarded to us by Orpic is sound evidence of our historical excellence in polyolefins,” said Pierroberto Folgiero, CEO, Maire Tecnimont.

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