OTTAWA, May 23, 2017 /CNW/ - Export Development Canada (EDC) has been awarded one of Global Trade Review's Best Deals of 2016 for its role within the largest project financing transaction ever signed in Oman to date: Orpics' Liwa Plastics Industries Complex Project (LPIC).
EDC provided USD $125M in financing to Orpic to facilitate future procurement of Canadian goods and services. EDC's financing was part of the larger USD $3.8 billion financing facility that will be used to develop a natural gas processing complex in Oman. The plant supports the Omani government's plans to diversify its economy away from the production and export of crude oil towards higher-value downstream industries.
Each year, Global Trade Review rewards the trade, export, and project finance transactions that represent the finest of the industry, in terms of innovation, social purpose, risk mitigation, and continued support to trade.
"Fluctuating commodity prices created a challenging environment for Orpic to raise the necessary funds for such a large-scale project," said Stephen Wilhelm, Regional Vice-President Europe, Middle East, and Africa, EDC. "With the oil and gas industry in Canada in decline, many Canadian companies are looking for opportunities in the Middle East and Gulf Cooperation Council (GCC) region. EDC saw an opportunity to benefit both parties and we are thrilled that our role in LPIC was selected as one of the Best Deals of the year."
As part of EDC's ongoing efforts to facilitate targeted business-to-business matchmaking between Canadian companies and foreign buyers, Orpic participated in EDC's matchmaking program at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in 2016.
"The company met with eight Canadian companies during this one event and three of them have already been integrated into Orpic's supply chains," said Owais Ahmed, Chief Representative Dubai, EDC. "This transaction is a great example of how EDC's financing can benefit both the foreign buyer and support Canadian exporters' efforts to diversify their export market."
The award will be presented at the annual Global Trade Review Leaders in Trade Charity Awards Dinner by Global Trade Review on May 23rd, 2017.
EDC helps Canadian companies go, grow, and succeed in their international business. As a financial Crown corporation, EDC provides financing, insurance, bonding, trade knowledge, and matchmaking connections to help Canadian companies sell and invest abroad. EDC can also provide financial solutions to foreign buyers to facilitate and grow purchases from Canadian companies.
For more information about how we can help your company, call us at 1-888-434-8508 or visit www.edc.ca.
SOURCE Export Development Canada
For further information: Spokesperson, Elise Dedekam, Export Development Canada, firstname.lastname@example.org, (613) 598-3076