• Oman

    • OQ Successfully Completes Production Capacity Testing for RO 2.7bn Plastics Complex

    By on April 3, 2024
    OQ
    OQ

    Muscat: OQ, the global integrated energy group, announced the successful completion of the required production capacity testing for the RO 2.7 billion OQ Plastics Complex in accordance with the requirements of local and international bank lenders. The complex exceeded the targeted production capacity according to the required standards.

    This success resulted from meeting all the requirements for releasing the guarantees allocated by the Government of the Sultanate of Oman to finance the construction of the OQ Plastics complex, valued at RO 1.5 billion. This was achieved after fulfilling the procedures agreed upon at the beginning of the financing, in accordance with the binding financial loan agreements for the signing and guarantee-committing parties.

    The OQ Plastics Complex undertake a pivotal role in supporting the petrochemical industry. It produces 880,000 tonnes of polyethylene annually, accounting for around 40% of various polymer applications, and 300,000 tonnes of polypropylene. This will elevate Oman’s total production of these materials to 1.5 million tonnes each year, with the products being distributed to over 60 countries globally.

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