Muscat, December 28 (QNA) – Oman’s energy company OQ, Kuwait Petroleum International (KPI) and Saudi Basic Industries Corp. (SABIC) have signed a project development agreement for a jointly owned petrochemical complex in the Special Economic Zone at Duqm (SEZAD).
The three companies aim to establish a petrochemical complex in Duqm consisting of a steam cracker, derivative units and a natural gas liquid (NGL) extraction facility. They will conduct the necessary studies and collaborate using their wealth of technical and commercial experience to develop the project with unique attributes that make it globally competitive and profitable for all three partners.
Commenting on the agreement, OQ Group CEO Talal bin Hamid al Awfi said the agreement is a significant milestone reached between the partners and comes at a time along with the near completion of the OQ8 refinery project in SEZAD being undertaken by OQ and KPI through the OQ8 joint venture. This agreement also comes in line with Oman Investment Authority’s (OIA) plans to attract foreign investments to support realize Oman’s Vision 2040 in its endeavor to diversify Oman’s economy. (QNA)
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