SABIC signed a non-binding memorandum of understanding (MoU) with OQ to support a feasibility study for developing a petrochemical project in the Special Economic Zone of Duqm (SEZAD) in Oman, the company said.
The project will include a world-scale steam cracker unit (SCU) as well as olefins derivatives units, which are expected to utilize the feedstock by-products from the SCU.
Signing on behalf of SABIC, Abdulrahman Al-Fageeh, Executive Vice President, Petrochemicals, 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.”
It should be noted that the MoU puts forth the preliminary and indicative terms for the potential study, and sheds light on the intentions of the two sides to discuss the feasibility of the project.