Sohar International Urea & Chemical Industries (SIUCI)expects to reach financial close in the first quarter on its proposed $600 million fertiliser complex, according to senior project sources in Muscat. The company is finalising the terms of the loan agreement with Germany's Kreditanstalt fuer Wiederaufbau (KfW). The agency will cover the entire commercial debt portion of the project financing with export credit guarantees provided by Germany's Hermes (MEED 28:3:03).
The completion of the financing will trigger the engineering, procurement and construction (EPC) contract awarded in November 2002 to Germany's Uhde. The plant will produce 3,500 tonnes a day (t/d) of urea and 2,000 t/d of ammonia. SIUCI, which is wholly-owned by the local Suhail Bahwan Group, has an offtake agreement in place with Transammoniaof the US for the plant's entire urea output (MEED 6:12:02; 19:4:02).
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