Skip to content Skip to Search
Skip navigation

Oman’s Sohar Port signs pact for $300m polymer plant

By Pramod Kumar
Oman News Agency
Emile Hoogsteden, CEO of Sohar Port and Echo Liu, CEO of Universal FINE Chemicals sign the pact to set up a polymer manufacturing plant

Sohar Port and Freezone has signed an agreement with Universal Fine Chemicals to establish a $300 million polymer manufacturing plant in Sohar Port.

The project, set up on a total area of 240,000 sq m, will cater to various sectors such as energy, agriculture, wastewater management, and the pulp and paper industry in the Middle East, North and South America and Europe, state-run Oman News Agency reported.

“The agreement will not only be shaping trade dynamics but also drive Oman’s Vision 2040 forward,” said Emile Hoogsteden, CEO of Sohar Port.

In July, Sohar Port and Freezone signed a land lease agreement with Green Ferro Alloy to establish the sultanate’s first $68 million silicon metal plant.

The plant will produce high-quality silicon metal, initially at a capacity of 25,000 tonnes per annum (TPA) in the first phase and expanding to 50,000 TPA in the second phase.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]