OQ Refineries and Petrochemical Industries, a subsidiary of OQ, inked nine investment agreements totalling approximately $88 million. The agreements are aimed at establishing industrial projects within the Ladayn Polymer Park situated in Suhar Industrial City. The initiative aligns with OQ’s commitment to supporting economic diversification policies and attracting investments.
The agreements emphasise the maximisation of added value from petrochemical projects and local businesses, with a specific emphasis on promoting Omani goods and services or those offered by locally registered suppliers. The agreements underscore OQ’s dedication to enhancing in-country value (ICV), a pivotal element of the group’s investment strategy that seeks to enrich local markets, bolster domestic products, and support SMEs.
The initiative aligns with the vision of the Oman investment authority to enhance ICV by empowering the private sector, localizing industries, strengthening the local economy, and fostering the development of SMEs. Strategically positioned in Suhar Industrial City, the Ladayn Polymer Park is a pivotal project aimed at propelling Oman towards self-sufficiency in plastic products and establishing a presence for the country in the global plastics market.
As reported by HYDROCARBON PROCESSING, the project is poised to revitalise the local industrial sector by introducing new, value-added products, thereby stimulating the growth of similar industries. With a focus on localising specialised plastic industries and incorporating cutting-edge technology, the project is designed to enhance Oman’s value proposition and provide incentives for investors, creating an attractive investment environment for both regional and global stakeholders.
