Italian group backs Oman petrochemical plant project

(AGI) Rome, May 30 - Italy's Cassa Depositi e Prestiti Group, a national promotional institution, is backing the export of Italian technology to Oman. It is supporting an integrated system of instruments for building the Liwa Plastics Industries Complex. The project will be run by the state-owned Oman Oil Refineries and Petroleum Industries Company. The Italian export credit agency SACE has guaranteed 840 million dollars in credit, which will be distributed by Cassa Depositi e Prestiti , with a 189 million dollar tranche and a pool of international banks. SIMEST, a financial institution for the development and promotion of Italian enterprises abroad, will stabilise interest rates. The funding backs supply contracts assigned by Oman Oil Refineries and Petroleum Industries Company to Maire Tecnimont and subcontracting to Italian companies, small and medium-sized enterprises, particularly those producing oil and gas machinery. The technical and financial aspects of the operation and the opportunities offered by the project, were explained in Milan on Monday by SACE and Maire Tecnimont to more than 50 companies interested in subcontractor contracts. Liwa will produce 1.1 tonnes of polypropylene and polyethylene a year, mainly for international markets, and will be part of Oman Oil Refineries and Petroleum Industries Company's integrated Sohar industrial hub, which will become one of the world's most technologically advanced petrochemical complexes. The operation confirms Cassa Depositi e Prestiti group's commitment to Italian enterprises by providing finance and insurance tools to win major international commissions in markets with potential for Italian technology. (AGI). .