11 May 2004
MUSCAT — Maqbool bin Ali Sultan, minister of commerce and industry, presided yesterday over a celebration to sign an agreement worth RO90 million to establish a polypropylene factory at Sohar Industrial Port.
The agreement was signed by Dr Mohammed bin Hamad Al Romhi, minister of oil and gas and chairman of Oman Polypropylene Company Board, and Maqbool bin Ali Sultan, chairman of Oman Oil Company board, which owns 80 per cent of the shares of Oman Polypropylene Company.
The chief executive officer of LG Engineering and Construction Company and the deputy chief executive officer of LNG International Company signed the agreement on behalf of the implementing companies.
Maqbool said the polypropylene project is a significant project, which would help achieve the future vision of the Omani Economy 2020 as well as the industrial strategy. He revealed that some medium and small industries will be based on the project, which requires high technology. He said most of the estimated 340,000 metric tonnes of polypropylene projected to be produced at the factory early would be exported, while the remaining quantity would be used as raw material for small industries. Polypropylene is used in manufacturing of plastics and furniture.
He said the project would employ a large number of Omanis and use locally available raw materials. He added the future industrial strategy would focus on implementing oil and gas-based projects.
Romhi said the establishment of the polypropylene factory comes as part of the government’s efforts to diversify resources of national income, find more job opportunities and introduce modern technology into the country. He said Sohar Refinery would provide the factory with adequate quantities of propylene annually. He said the project and other oil and gas-based projects would be financed by international banks, adding the government would sign, by the end of this month, agreements with some international banks to finance these projects.
The signing ceremony was attended by undersecretaries, officials of the Ministries of Commerce and Industry and Oil and Gas and representatives of the concerned companies. — ONA
MUSCAT — Maqbool bin Ali Sultan, minister of commerce and industry, presided yesterday over a celebration to sign an agreement worth RO90 million to establish a polypropylene factory at Sohar Industrial Port.
The agreement was signed by Dr Mohammed bin Hamad Al Romhi, minister of oil and gas and chairman of Oman Polypropylene Company Board, and Maqbool bin Ali Sultan, chairman of Oman Oil Company board, which owns 80 per cent of the shares of Oman Polypropylene Company.
The chief executive officer of LG Engineering and Construction Company and the deputy chief executive officer of LNG International Company signed the agreement on behalf of the implementing companies.
Maqbool said the polypropylene project is a significant project, which would help achieve the future vision of the Omani Economy 2020 as well as the industrial strategy. He revealed that some medium and small industries will be based on the project, which requires high technology. He said most of the estimated 340,000 metric tonnes of polypropylene projected to be produced at the factory early would be exported, while the remaining quantity would be used as raw material for small industries. Polypropylene is used in manufacturing of plastics and furniture.
He said the project would employ a large number of Omanis and use locally available raw materials. He added the future industrial strategy would focus on implementing oil and gas-based projects.
Romhi said the establishment of the polypropylene factory comes as part of the government’s efforts to diversify resources of national income, find more job opportunities and introduce modern technology into the country. He said Sohar Refinery would provide the factory with adequate quantities of propylene annually. He said the project and other oil and gas-based projects would be financed by international banks, adding the government would sign, by the end of this month, agreements with some international banks to finance these projects.
The signing ceremony was attended by undersecretaries, officials of the Ministries of Commerce and Industry and Oil and Gas and representatives of the concerned companies. — ONA
© Times of Oman 2004
