(MENAFN- Muscat Daily) Within the framework of efforts being exerted to enhance and promote the industrial sector and diversify sources of income the sultanate will seek during the 9th Five-Year Plan (2016-2020) to establish a toehold in the international petrochemicals market via the Liwa Plastics Project (LPP) expected to be operational by 2018.
Oman Oil Refineries and Petroleum Industries Co (Orpic) is on target on all the three major projects in the petrochemicals sector and work on these projects is progressing as planned.
The Sohar Refinery Improvement Project (SRIP) is one of the largest currently undertaken by the company at a cost of US$2.7bn. Work on the project began in 2014 and is expected to be completed in the fourth quarter of next year. Over 10000 employees are working on the project.
In a press statement CEO of Orpic Musab al Mahrouqi said the Liwa project which is expected to cost between US$4bn US$5bn will produce about 1mn tonnes of plastics per year. The construction and finance agreements are expected to be completed by the end of this year.
"The project when completed by 2018 will transform Orpic from a company reliant on oil refining for profit margins to a dynamic and flexible producer of petrochemicals and plastics. We are now in discussions with eight export credit agencies to verify the finance terms of the project. We have also requested commercial banks to submit their offers.'
Mahrouqi said with nearly US$8bn in investment plans Orpic is positioned to serve the sultanate's economy well create more jobs and enhance in-country value ((ICV).
The company currently employs 2400 people 75 per cent of whom are Omani. The company expects to create 1600 additional jobs at the expansion projects between 2014 and 2018; 75 per cent of which will be reserved for Omanis.
He said the expansion projects would create more business opportunities for SMEs through the supply chain which in turn will have a positive effect on ICV generated by Orpic.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.