Deal signed for world scale petrochemical complex

Agencies | Riyadh

The Daily Tribune – www.newsofbahrain.com   

Omani OQ, Saudi SABIC and Kuwait Petroleum International (KPI) have signed a Project Development Agreement of a jointly owned petrochemical complex in the Special Economic Zone at Duqm (SEZAD), the Sultanate of Oman.

The three companies aim to establish a petrochemical complex consisting of a steam cracker and derivative units and a natural gas liquid (NGL) extraction facility, Oman News Agency (ONA) reported, noting that 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.

The project intends to deploy state-of-the-art technologies to minimise carbon footprint and incorporate circular economy aspects and commit to high environmental standards.

This mega project would support the region’s development aspirations, maximizing socio-economic impacts as well as value addition to these companies.

In addition, the project would also benefit from the excellent location of Duqm being close to markets and taking advantage of the infrastructure which has been developed in the area, as OQ continues in its strategy to help develop SEZAD as manufacturing and logistics hub in line with vision 2040, ONA added.