Salalah Free Zone (SFZ) has signed a usufruct agreement for the establishment of the Salalah Refinery project, Muscat Daily reported.

The $2.5-billion project will have a production capacity of 150,000 barrels per day (b/d). It is expected to create about 600 job opportunities, with the aim of becoming one of the major refineries in the Middle East.

Moreover, the Omani refinery will supply liquid cargo through the Salalah Port.

The agreement was signed by Ali bin Mohammed Tabuk, CEO of Salalah Free Zone (SFZ) and by the CEO of Salalah Refinery, Kent Kabi.

The SFZ has succeeded in attracting foreign investments, said Tabuk, adding that during the January-July period this year, 11 usufruct agreements were signed in various fields.

The number of usufruct agreements signed by SFZ with investment companies reached 69, with a total of more than $5.36 billion in investment, the CEO further noted.