Agreement worth $300m Inked to Establish Polymer Manufacturing Plant in Sohar Port

The World’s Second largest Polymer Manufacture Plant in Sultanate of Oman in Sohar Port 

Sohar: Sohar Port and Freezone signed today an usufruct agreement with Universal FINE Chemicals SPC to establish a polymer manufacturing plant in Sohar Port to the tune of USD 300 million.

The project, which will be set up on a total area of 240,000 square meters, caters to diverse applications including production of energy, agriculture, wastewater management, and the pulp and paper industry in the Middle East, North and South America and Europe.

The signing ceremony was held under the patronage of Dr. Said Mohammed Al Saqri, Minister of Economy.

The Polymer Manufacturing Plant represents a remarkable investment of USD 300 million, encompassing future plant expansion. The project not only showcases a commitment to technological advancement but also enhances the industrial landscape’s development.

The innovative venture promises to revolutionize energy production, agriculture, water management, and beyond. This pioneering project enhances the commitment of both entities to advancing technology and fostering sustainable growth across diverse sectors. This agreement positions Sohar Port into the forefront of global exporters of industrial chemicals. The infusion of substantial foreign direct investment from Singapore and China enhances the attractiveness of Sohar Port as a premier investment destination, reinforcing its global competitiveness.

Locally, the venture amplifies supply chains, attracts related industries, and strengthens local trade networks, significantly contributing to economic prosperity. By integrating within Sohar Port’s Petrochemical Cluster, the project not only amplifies its significance but also attracts downstream industries and stimulates regional business growth.

Commenting on the importance of the Agreement, Echo Liu, CEO of Universal FINE Chemicals SPC stated, “This partnership marks a significant milestone in our pursuit of excellence. By leveraging the strategic advantages provided by Sohar Port and its proximity to key markets, we aim to redefine industry standards and contribute to sustainable progress.”

Emile Hoogsteden, CEO of Sohar Port, said, “Through our signed agreement with Universal FINE Chemicals SPC, we’re not only shaping trade dynamics but also driving Oman’s Vision 2040 forward. This collaboration is a testament to our unwavering commitment to innovation-led growth, propelling Oman into the forefront of global progress. By revolutionizing trade and fostering economic prosperity.”

The scope of this project extends beyond regional boundaries, with a strategic focus on serving markets in the GCC, North and South America, and the European Union. By strategically targeting these diverse and expansive markets, the collaboration between Sohar Port and Universal FINE Chemicals SPC aims to establish a strong foothold in key economic zones, effectively delivering innovative solutions and contributing to economic growth on a global scale. This global outlook reflects the partnership’s commitment to not only fortifying the local economy but also creating a lasting impact on a broader international stage. – ONA

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