Salalah Methanol Company (SMC), a subsidiary of Oman Oil Company, has secured $728 million in financing for its proposed ammonia plant, Times of Oman reports.

The company will refinance its debt and use the remaining funds, $443 million, to develop and build the plant, according to Oman Tribune.

The plant will utilize by-product gas from SMC’s methanol plant to produce the ammonia, allowing it to minimize costs and compete on the global market, Times of Oman reports.

Construction is expected to begin before the end of the year and will be completed in 2020. Upon completion, the plant will have the capacity of 1,000 tons per day of anhydrous liquid ammonia, according to Times of Oman.

“Setting up the ammonia plant is an important milestone for high value-added petrochemical industries and key to opening up for new further downstream industries, and the creation of job opportunities,” stated the CEO of Oman Oil Company, Isam El Zadjali, as reported by Muscat Daily.

The financing is from a mix of international, regional, and local banks and is for a period of 12 years, according to Muscat Daily.

The plant will be built in the Dhofar Governorate.