Global law firm 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.
The financing will be one of the largest project financings in the region to reach financial close in 2016, with US$3.8 billion committed senior debt.
"This was a significant transaction and represents one of the largest ever projects financed in Oman," said White & Case partner Mark Castillo-Bernaus. "It was a testament to all parties involved in achieving a successful major financing under challenging market conditions."
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.
White & Case advised the Export Credit Agencies and the syndicate of lenders (covered and uncovered) on all aspects of this landmark transaction. A team of lawyers from across the Firm's global network (primarily in Abu Dhabi and London) worked on the financing, which was concluded within a highly accelerated timetable.
The team was led by London based partner Mark Castillo-Bernaus, 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.