OQ, the global integrated energy group of the Sultanate of Oman, signed a memorandum of understanding (MoU) with petrochemicals giant Saudi Basic Industries Corp (SABIC) to study the development of a petrochemical project in the Special Economic Zone of Duqm (SEZAD).
The MoU was inked in the framework of the visit of Saudi Crown Prince Mohammed bin Salman to the Sultanate Oman.
The project involves a world-scale steam cracker unit (SCU) and derivatives units producing olefins derivatives (ethylene and propylene) are expected to utilise the feedstock by-products from the SCU.
The agreement was signed by Talal bin Hamed al Awfi, CEO of OQ Group and Abdulrahman al Fageeh, Executive Vice President for Petrochemicals, who signed the MoU on behalf of SABIC.
Commenting on the MoU, Al Awfi welcomed the agreement and said: “This agreement focuses on the development of a new petrochemical project in the Duqm Special Economic Zone. OQ aims to enhance the integration of the refinery and petrochemical industries with other downstream industries as part of its vision to maximize the added value and contribute to the development of downstream industries. We look forward to enhancing our strategic partnership with SABIC and benefiting from its expertise to carry out this project.”
For his part, Al Fageeh stated: “We are honored to sign this MoU with OQ as our focus has always been on key collaborations and on building fruitful relationships for sustainable growth, regionally and globally. With our diverse global portfolio, along with our manufacturing competencies, we are confident of helping to drive the development of downstream industries in Oman, just as we are currently a key enabler in the achievement of Saudi Arabia’s Vision 2030 objectives.”
