$23mln polymer plant to come up in Sohar

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Muscat: OQ, the global integrated energy group signed a strategic partnership with a leading manufacturer, Multibond Metal, to establish a manufacturing facility at its Ladayn Polymer Park in Sohar Industrial Estate.

Valued at $23 million, this first-of-its-kind project in the Middle East, will focus on producing advanced polymer solutions for heat resistance and surface protection.

The partnership aligns with OQ’s commitment to develop polymer-based industries by attracting direct foreign investment to Oman and enriching the nation’s industrial sector with products that promote self-sufficiency and export opportunities. It also aligns with the ambitious goals of Oman Vision 2040.

The agreement was signed on the inaugural day of Chinaplas 2024 in the presence of Oman’s ambassador to China Nasser Mohammed Al Busaidi, and Hilal bin Ali Al Kharusi, OQ Chief Executive for Commercial and Downstream.

The signatories included Sadiq Al Lawati, Managing Director, OQ Marketing and Wei Feng the Chairman of Multibond Metal.

“Multibond Metal’s investment, valued at $23 million, marks a historic moment in Oman’s industrial journey,” stated Hilal Al Kharusi, OQ Chief Executive for Commercial and Downstream.

“This will be the 10th factory in Ladayn Park supplied with raw materials from OQ’s Liwa Plastic Industries Complex, positioning the company as the first in the nation and the ME to produce innovative products such as plastic fire-resistant polymer and hot melt polymer compounds, protective plastic film, adhesive film, polymer composites sheets with metal coated skin to replace cladding and signage with 20-year durability warranty”.

The new facility underscores the country’s commitment to fostering a thriving manufacturing ecosystem. Multibond Metal’s integrated production process, covering the entire spectrum from raw materials to finished products, epitomises the park’s dedication to excellence and innovation.

Spanning over a million square metres, Ladayn Polymer Park stands as a beacon of innovation and opportunity, poised to serve as a premier hub for the polymer industry.

With a vision to advance diversity and innovation, the park aims to attract investment across various sectors including construction and infrastructure, healthcare, and packaging.

Since its inception, Ladayn Polymer Park has been instrumental in attracting investment, with nine projects worth USD 88 million signed in 2023 alone. The addition of USD 23 million in investments in Q1 2024 brings the total investment to USD 111 million, signalling a promising ecosystem ripe with opportunities for investors.

“Ladayn Polymer Park is committed to providing a conducive environment for investors,” stated Sadiq Al Lawati, Managing Director, OQ Marketing. “Our offerings include competitive rates for land, power, and utilities, along with attractive tax, finance, and insurance facilitation. Investors can also benefit from up to 10 years of residency, access to raw materials with rebates ranging from 3% to 5.5%, and the added advantage of Oman’s extensive network of Free Trade Agreements (FTAs) with key markets worldwide, further enhancing the allure of investment opportunities within the park”.