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| 12 August, 2017

Work on $3.2b projects in Duqm gathers pace

image used for illustrative purpose
Riders cycle during the fourth stage of the third Tour of Oman cycling race, February 17,  2012. REUTERS/Sultan Al Hasani

image used for illustrative purpose Riders cycle during the fourth stage of the third Tour of Oman cycling race, February 17, 2012. REUTERS/Sultan Al Hasani

DUQM: Work on the $3.2-billion projects in the China Oman Industrial Park in Duqm is progressing, according to Oman Wanfang Chairman Ali Shah.

Ground-breaking for the park that will have 10 projects was held in April.

Ali Shah told the Special Economic Zone Authority of Duqm (Sezad) publication Duqm Economist that the projects to be implemented at the park were carefully selected ones to help the Sultanate’s economy in general achieve the gains through diversification and the zone in particular.

They were also in line with Sezad plans to attract investments to the zone and revitalise economic activity.

Ali Shah pointed out that the 10 projects with which the partnership agreements were signed with the Chinese companies represented the first stage of the projects at the park. The remaining 25 projects under the plan of the Chinese side were in the final stages of study or design. Work was expected to start as soon as the stage was completed.

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The company had fixed 2022 to start work on all projects that were expected to be ready 10 years from now, he said, adding that most of them would be completed before that.

The first stage comprises 10 projects – building materials market, methanol production for the Olefin project, electricity production plant, desalination and bromine plant, solar panel and equipment factory, oil and gas fields, a plant for the production of non-metallic composite pipes used in the oilfields, a factory for the production of steel pipes, wire and steel-reinforced PE type and spare parts and a factory to produce high-mobility SUV, in addition to a 5-star hotel.

On the construction materials market to be built by Oman Wanfang, Ali Shah said the cost was estimated at $138 million.

Owing to its economic importance, the company took utmost attention and would accelerate its implementation to be ready before 2018 end.

About the park cost and its finance, Ali Shah said the cost of establishing the park was about $10.7 billion and will be financed through Chinese companies and bank loans.

He said negotiations with local Chinese and regional banks were on to finance the park projects.

Ali Shah said indicators were good and the door was open to various Omani banks to finance whatever project they liked.

Oman News Agency

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