Sabic, a global diversified chemicals company, has signed an agreement with petroleum investment company OQ to support the study for developing a petrochemical project in the Special Economic Zone of Duqm (Sezad) in Oman.
The non-binding memorandum of understanding (MoU) lays the preliminary and indicative terms for the potential study, and expresses the intentions of the two sides to discuss and assess the feasibility of the project.
Abdulrahman Al-Fageeh, Executive Vice President, Petrochemicals, who signed on behalf of Sabic, commented: “We are honoured 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.”
The project involves a world-scale steam cracker unit (SCU) and derivatives units producing olefins derivatives (ethylene and propylene) which are expected to utilize the feedstock by-products from the SCU.
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