OQ signs agreement to establish factory to produce advanced polymer compounds

OQ signs agreement to establish factory to produce plastic compounds at a cost of $23 million

Shanghai: The OQ Group signed a strategic partnership with the Multi Bond Metal Company to establish a factory to produce advanced polymer compounds for heat resistance and surface protection, in the Plastics Complex for Polymer Industries in Sohar Industrial City, at an investment cost of 23 million US dollars.

This partnership comes within the framework of the OQ Group’s efforts aimed at localizing industries based on polymer products, and as part of attracting foreign direct investments to the Sultanate of Oman and enriching the industrial sector with products that achieve self-sufficiency in products and export abroad.

The agreement was signed by Sadiq bin Hassan Al Lawati, Executive Director of Marketing at OQ Group, and Wei Feng, Chairman of the Board of Directors of Multi Bond Metal, during the group’s participation in the China International Plastics Exhibition, which was held in Shanghai, People’s Republic of China.

Hilal bin Ali Al Kharousi, CEO of the commercial sector, refineries and petrochemicals at OQ Group, said: This project will be the first of its kind in the Sultanate of Oman and the Middle East, producing innovative products such as fire-resistant plastic compounds, hot melt polymers, plastic covers and protective plastic coatings for metal compounds.

He added that this joint project is the tenth factory in the Ladain Complex in Sohar Industrial City, and a qualitative leap for the industrial sector in the Sultanate of Oman. This will enhance the production chain and industrial capabilities.

The Ladayn Polymer Industries Complex, which has an area of ​​more than one million square metres, represents a major location for the polymer industry in the Sultanate of Oman and, through its vision, aspires to attract investments in various sectors including building and construction, health care, and packaging. Since its inception, it has attracted many investments and was signed within a year. By 2023, agreements were signed to establish 9 projects worth US$88 million.

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