OQ, the Sultanate’s integrated energy group, is targeted new markets for the polymer output of its multibillion dollar Liwa Plastics Industries Complex (LPIC) at Suhar. LPIC’s operationalisation has boosted OQ’s production capacity of polyethylene and polypropylene to 1.5 million tons per annum.
To this end, OQ is gearing up to take part in ArabPlast 2021, which will be held in Dubai from November 15–18, 2021.
The Omani state-owned energy firm will be one of the main exhibitors showcasing its product offerings in key sectors – Flexible Packaging, Rigid Packaging & Durables, and Infrastructure & Construction. With the ambitious LPIC project, OQ has pioneered the Sultanate’s first production of polyethylene thereby diversifying its product portfolio to include HDPE (high-density polyethylene) and LLDPE (linear low-density polyethylene) production.
The global polymer demand is on the rise as it is a widely used petrochemical product in multitudes of applications across industrial sectors. The market size for polymers is forecasted to soar to $750 billion by 2025, growing at a CAGR of 5.1 per cent during 2020-2025.
According to Goldstein Research, the GCC polymer industry is expected to reach 34.5 million tonnes by 2022, supporting further downstream development, while growing at a CAGR of 3 per cent.
To capitalise on the global and regional demand, OQ has undertaken an aggressive growth plan and aims to increase its polymers product portfolio by over four times.
Gilles Rochas, Vice President Performance Chemicals at OQ said, “The polymer industry has witnessed a steady increase in demand over the past year, attributed to the accelerated demand for secure food packaging solutions and products aimed at personal health and safety. The shift in consumer behaviour towards online retail and food delivery has also spurred demand. OQ aims to capitalise on this opportunity to bring to the forefront a range of durable polymer products to address the sustainability challenges brought about by rapid urbanization and growing population.”
Hilal al Kharusi, Chief Executive Commercial at OQ commented, “Arabplast 2021 will prove to be momentous as it is happening as an in-person gathering post-Covid. This allows us to engage industry leaders and players as we look to a future where polymers can play an integral role in responsible consumption, be it in our customers’ homes or in the industries we serve. Agility is a core attribute of our business, enabling us to respond to changing customer behaviour and demand, and to chart out a clear roadmap for the future. Combining our expertise and sharing our experiences allow us to improve our products, services, and solutions as we strive to transform raw materials into real world products and solutions.”
