Saudi, Omani and Kuwaiti firms to set up petchem complex

Companies from Saudi Arabia, Oman and Kuwait have signed an agreement to jointly develop a petrochemical complex in the Special Economic Zone at Duqm in Oman, state-run Oman News Agency reported.

Oman’s OQ Group, Saudi Basic Industries Corporation (Sabic) and Kuwait Petroleum International aim to establish the petrochemical complex consisting of a steam cracker and derivative units and a natural gas liquid extraction facility. 

OQ Group CEO Talal Al Awfi said the agreement comes at an important time in Oman, with the near completion of the OQ8 refinery project in SEZAD being undertaken by OQ and KPI through the OQ8 joint venture. 

“This agreement also comes in line with Oman Investment Authority (OIA) plans to attract foreign investments to realise Oman’s vision 2040 in its endeavour to diversify Oman’s economy,” he said.

The project intends to earn revenue from natural gas liquids and other feedstocks from OQ and KPI’s joint venture refinery in Duqm to manufacture petrochemical products. Target markets include those linked to energy transition, clean technologies, mobility, construction, durable goods, healthcare and packaging, the statement noted.