The state-owned Oman Oil Company (OOC) plans to progress the implementation of three strategic petrochemical ventures by 2017. The total investment are worth $1.81b, reported Trade Arabia.
OOC’s CEO, Isam al Zadjali, said that all three schemes, which include the Salalah liquefied petroleum gas (LPG) project of Oman Gas Company, the purified terephthalic acid (PTA) and polyethylene terephthalate (PET) complex of Oman International Petrochemical Industries Company (OMPET), and the ammonia project of Salalah Methanol Company, will be sent to OOC’s board for final investment decision (FID) before the end of November, according to Oman Observer.
al Zadjali added that the three petrochemical ventures, along with the joint venture Duqm Refinery that is currently under development in Wusta Governorate, are vital to supporting the nation’s economic diversification and employment generation. Furthermore, he noted that in funding new ventures, OOC will no longer depend on government equity alone for finance, but would ensure that future projects are suitably structured to make them commercial attractive to local and foreign investors, as well as lenders. Consequently, future OOC led ventures will have to compete on their merits alone.