Oman-based Sohar International Urea and Chemical Industries (SIUCI) has signed a $440 million loan agreement with Japan Bank for International Cooperation for the Sohar fertiliser project.

Shaikh Suhail Bahwan is promoting the $650 million Sohar fertiliser project, and it is being built by Mitsubishi Heavy Industries at Sohar Industrial Port Area.
The plant is expected to start production in 36 months from now, said Suresh Shivdasani, SIUCI managing director.
The loan term is ten-and-half years and SIUCI will start paying back after the production starts in 2008.
SIUCI has already entered into a long-term take-or-pay urea offtake agreement with US-based Transammonia.