OQ, Madayn and Industrial Innovation Academy (IIA) have signed a memorandum of understanding (MoU) to build a plastics park in Phase 7 of Sohar Industrial Estate in Oman.
The MoU is aligned with Oman Vision 2040’s objectives, which include achieving an integrated economy.
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The project is expected to open up major investment opportunities, especially with regard to plastics conversion.
OQ chief executive for commercial & downstream Hilal Ali Al Kharusi, Madayn chief executive officer Hilal Hamed Al Hasni, and Industrial Innovation Academy acting CEO and Dr Ayman Abdullah Al Fudhaili signed the MoU.
The project is expected to boost the private sector’s contribution and encourage the transition to higher value-added sustainable products.
OQ will serve as the key contributor of raw material for plastic-based products needed for basic usage such as sustainable packaging for specialty uses in healthcare, fibers and textile, agriculture, construction to furniture etc.
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By GlobalDataThe plastics industrial park is situated 16km from Sohar Airport, 18km from Sohar Port and 20km from the OQ raw material plant.
As per this MOU, Madayn has earmarked million m2 land in the Sohar Industrial estate for the park to produce semi-finished and finished high value-added plastic products.
Madayn will provide the land at incentivised rates and the Plug and Play concept.
Under this concept, common facilities will be provided, such as workshop, administrative building, an excellence center, gas, power, and telecommunications line, reported TradeArabia.
Hilal Al Kharusi said: “This MOU will fill the gap in plastic convertors in this industry and fuel Oman’s underdeveloped polymer downstream industry.
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Image: The project is expected to open up major investment opportunities, especially with regard to plastics conversion. Credit: Hans Braxmeier from Pixabay.
