RIYADH: Oman’s state energy company OQ has signed an agreement to develop a petrochemicals complex in the Duqm economic zone with Kuwait Petroleum International and Saudi Basic Industries Corp. — also known as SABIC, state news agency ONA reported on Wednesday according to Reuters.
The special economic zone at Duqm located in Al Wusta Governorate in Oman spans across an area of 2,000 sq. kilometers and has several economic, tourism and service development zones.
It lso has a multi-purpose port, a dry dock for repairing ships, a fishing port, a regional airport, and tourist, industrial and logistical areas.
The new deal signed by SABIC is one of the many recent agreements by the company to develop petrochemical complexes within the Kingdom and abroad.
On Dec. 18, SABIC signed a memorandum of understanding with energy giant Saudi Aramco and China Petroleum & Chemical Corporation, known as Sinopec, to assess the economic and technical feasibility study to develop an integrated petrochemical complex with an existing refinery in Yanbu.
In November, SABIC and Saudi Aramco signed another initial agreement with Polish refining firm PKN Orlen to explore the potential of joint investments in petrochemical projects in Poland and other European markets.
During the same month, the firm also announced that it is intending to set up a plant to convert crude oil into petrochemicals, capitalizing on growing demand.