Nineteen local, regional and international banks signed financing documents on the $5.2bn Liwa Plastics in Oman by 3 March.

Oman Oil Refineries & Petroleum Industries Company (Orpic) is expected to reach a financial close on the project in the next few weeks.

Orpic is borrowing $3.8bn on a 15-year tenor loan.

The banks are:

• Arab Banking Corporation (Bahrain)
• Bank Dhofar (local)
• Bank Muscat (local)
• Bank of Tokyo-Mitsubishi UFJ (Japan)
• BNP Paribas Fortis (France)
• Crédit Agricole Corporate and Investment Bank (France)
• Crédit Industriel et Commercial (France) 
• Export Development Canada
• National Commercial Bank (Saudi Arabia)
• Societe Generale (France)
• Sumitomo Mitsui Banking Corporation (Japan) 
• Natixis (France) 
• Korea Development Bank
• HSBC (UK)
• JPMorgan Chase Bank (US) 
• KfW IPEX-Bank (Germany)
• Cassa Depositi e Prestiti (Italy)
• ING Bank (Holland)
• UniCredit (Italy)

Sumitomo Mitsui Banking Corporation was also the financial adviser.

Six export credit agencies (ECAs) are participating:

• Korea Export-Import Bank (Kexim)
• Korea Trade Insurance Corporation (Ksure)
• UK Export Finance
• Sace (Italy)
• Atradius (Holland)
• Euler Hermes (France)

For the $895m package awarded to Italy’s Technimont, a $890m credit line is being disbursed by Cassa Depositi e Prestiti and Italian commercial banks. It will be fully guaranteed by Sace.

Kexim is to lend $370m on South Korean firm GS Engineering & Construction’s package, according to South Korean English language magazine BusinessKorea.

Orpic signed more than 15 agreements to build and operate the Liwa plastics project in December 2015.

The contracts for the four engineering, procurement and contracting (EPC) packages, worth a total of $4.5bn, and the firms that won them are:

• Steamcracker and utilities: CB&I (Netherlands-based) / CTCI Corporation (Taiwan)
• Plastics units: Technimont (Italy)
• Natural gas liquids (NGLs) extraction: GS Engineering & Construction (South Korea) /Mitsui (Japan)
• NGLs pipeline: Punj Lloyd (India)