09 04 2016

Liwa Plastic Industries Complex in Oman secures $6.4 Billion Financing

White & Case LLP has advised six Export Credit Agencies - Atradius DSB, Euler Hermes, K-Exim, K-Sure, SACE and UKEF - and a syndication of nineteen international and regional banks in connection with the development and financing for the US$6.4 billion Liwa Plastic Industries Complex in Oman.


Mandated lead arrangers and arrangers of the LPIC project financing were: Arab Banking Corporation (B.S.C.), Bank Dhofar S.A.O.G., Bank Muscat S.A.O.G., The Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas Fortis SA/NV, Cassa depositi e prestiti s.p.a., Crédit Industriel et Commercial, Crédit Agricole Corporate and Investment Bank, Export Development Canada, HSBC Bank plc, ING Bank (a branch of ING-DIBA AG), JPMorgan Chase Bank, N.A., KfW IPEX-Bank GmbH, The Korea Development Bank, NATIXIS, The Saudi National Commercial Bank, Société Générale, Sumitomo Mitsui Banking Corporation and UniCredit S.P.A. The Liwa Plastic Industries Complex is owned by Oman Oil Refineries and Petroleum Industries Company SAOC (ORPIC) – which is in turn owned by the Government of Sultanate of Oman and Oman Oil Company. Upon commissioning (expected in 2020), the Liwa Plastic Industries Complex will build on ORPIC's product mix and, when combined with ORPIC's existing refinery capabilities, represent a world class integrated refinery and petrochemical facility in line with Oman’s long term objectives in the downstream sector. The team was led by London based partner Mark Castillo-Bernaus (Picture), alongside Michael Watson in Abu Dhabi, and supported by Abu Dhabi based partner Matt Wood and associates Sherief Rashed, Nneka Wood, Yasser Riad, Alex Malahias, Sara Al-Awadhi and Jennifer Shattock. Also acting as ECA Coordinator was EY/AHB, who worked closely with White & Case throughout the transaction. Involved fees earner: Mark Castillo-Bernaus - White & Case; Michael Watson - White & Case; Matthew Wood - White & Case; Sherief Rashed - White & Case; Nneka Wood - White & Case; Yasser Riad - White & Case; Alexander Malahias - White & Case; Sara Al Awadhi - White & Case; Jennifer Shattock - White & Case;

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