RO 2.7 Billion Oman’s Liwa Plastics mega project opens

RO 2.7 Billion Oman's Liwa Plastics mega project opens
RO 2.7 Billion Oman's Liwa Plastics mega project opens

Muscat: HH Sayyid Asa’ad bin Tarik al-Said, Deputy Prime Minister for International Relations and Cooperation Affairs, Personal Representative of His Majesty the Sultan presided today over the launch of OQ’s RO 2.7 billion liwa plastics mega project located at Sohar Industrial Port.

The successful completion of the complex is part of the government’s plan to diversify sources of national income and promote downstream manufacturing investment opportunities in the petrochemicals sector aimed at maximizing the value of Oman’s natural resources.

The official commissioning of Liwa Plastics Industries Complex (LPIC) the flagship project of OQ, the global integrated energy group of the Sultanate of Oman, was celebrated at a grand ceremony held today and attended by dignitaries from the government, public and private sectors.

Eng. Al Oufi said: “This project adds a new dimension to the nation’s current economic development as it one of the most important and largest undertakings in the Sultanate of Oman’s Industrial Sector with the potential to stimulate investments in downstream industries and small and medium enterprises (SMEs) in line with OQ Group’s strategy to drive sustainable development. The opening of this project is an illustration of OQ Group Keenness to harness its industrial and investment capabilities in unlocking the full potential of the petrochemicals sector and optimizing the utilization of Oman’s oil and gas resources.”

The CEO of OQ affirmed the Group’s determination to move forward in enhancing the local value addition and in-country value (ICV) development by supporting downstream manufacturing industries associated with this project, which incorporates modern technologies to manufacture high quality polymers.

“OQ has attached the utmost importance in building the capacity of the Omani youth, and enriching their skills in the unique technical disciplines that are introduced through this project for the first time in the Sultanate,” he noted, adding that around 337 qualified young Omanis have been trained and equipped to be part of this complex.

Al Oufi expressed his heartfelt gratitude for the concerted efforts of the project-based task forces which, despite the many logistical and technical challenges witnessed during the Covid-19 pandemic, were able to overcome these difficulties by adopting flexible measures to deliver this mega petrochemical project.

Then, an introductory video was played about the Liwa Plastic Industries Complex, which consists of four key components, of which the second, third and fourth components are currently in commercial operation, with the integrated commercial operation of the first completion on track to reach full production capacity by the first quarter of 2022 in line with the project delivery schedule. The In-Country Value (ICV) generated by the project during its construction phase amounted to approximatelyRO 578 million, which was spend on the procurement of local goods and services, as well as training and support for SMEs.

The project aims to strengthen the industrial sector by producing 880,000 tons annually of polyethylene (the basic raw material at the heart of about 40 per cent of all types of plastics produced worldwide) and about 300,000 tons per year of polypropylene, which will increase Oman’s production of the two polymers to 1.4 million tons per year, said Eng. Al Oufi, adding that output from the complex totaled 474,000 tons by the end of October 2021.

The inauguration ceremony concluded with the presentation of a commemorative gift to the patron of the event.

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