MUSCAT — On the sidelines of the state visit of Crown Prince Muhammad Bin Salman, deputy prime minister and minister of defense, to the Sultanate of Oman which concluded earlier Tuesday, SABIC has signed a memorandum of understanding (MoU) with OQ to study developing a petrochemical project in the Special Economic Zone of Duqm (SEZAD) in Oman, it was reported here.

Abdulrahman Al-Fageeh, executive vice president for Petrochemicals, who signed the MoU Tuesday on behalf of SABIC, commented: "We are honored 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. — SPA