MUSCAT: OQ Refineries and Petrochemical Industries, a subsidiary of the global integrated energy group OQ, inked on Sunday, December 10, 2023, nine investment agreements totaling approximately $88 million. These agreements are poised to establish industrial projects in the Ladayn Polymer Park within Suhar Industrial City, aligning with Oman Vision 2040 and supporting economic diversification policies.
The agreements, signed by Hilal bin Ali al Kharusi, Chief Executive Commercial & Downstream at OQ, emphasize fostering the growth of local businesses, promoting Omani-made goods and services, creating job opportunities, skill development, and innovating within the plastic industry. These initiatives aim to reduce imports and maximize the added value for refineries and petrochemical industries.
The Ladayn Polymer Park, strategically located in Suhar Industrial City, is a cornerstone project propelling Oman towards self-sufficiency in plastic products. It seeks to invigorate the local industrial sector by introducing new, value-added products and fostering the growth of similar industries.
Dignitaries and project officials pictured at the signings.
Hilal al Kharusi, Chief Executive Commercial & Downstream at OQ, led the signing of the nine agreements with various companies. These agreements include a $35 million deal with Mohammad Riaz Sons Plastic Company for sustainable food packaging components, a $15 million investment (rising to $48 million upon expansions) with Napco National for manufacturing packaging bags and plastic compounds, a $11 million project with MAK Germany GmBH for specialized plastic compounds, a $8 million agreement with Madayn Plastic Company SPC for producing various plastic products, a $6 million deal with Jil Technology for innovative 3D manufacturing, a $6 million project with Jcoplastics for plastic waste containers and pallets, a $3 million agreement with Gemini Corporation for plastic recycling and sustainability, a $1.5 million investment with the National Plastic Lumber Company for products from Wood Plastic Composite, and a $1.5 million deal with Al Farida Industry & Trade for color masterbatch production.
OQ's commitment to in-country value (ICV) is evident, contributing an estimated $46 million annually to ICV and creating around 290 direct job opportunities along with 600 indirect jobs. This initiative aligns with Oman Investment Authority's vision, enriching ICV and empowering the private sector.
Hilal al Kharusi emphasized OQ’s dedication to enhancing Oman’s manufacturing industries, supporting SMEs, and achieving self-sufficiency in products. In addition to supporting manufacturing industries, OQ plans to purchase manufactured products like plastic pallets and packing bags for polymer granules, further supporting plastic recycling plants.
Dawood al Hadabi, CEO of Madayn, underscored the strategic importance of the Ladayn Polymer Park, emphasizing its role in maximizing in-country value by localizing specialized plastic industries and leveraging advanced technology.
Collaboration with various companies, including international players like Jcoplastic SPA Italy and Gemini Corporation, highlights the global interest and expertise attached to the project. These partnerships aim to contribute to Oman's industrial growth, aligning with sustainable practices and circular economy principles, he noted.
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