The Saudi Basic Industries Corporation (SABIC), OQ – the global integrated energy group – and the Kuwait Petroleum International signed an agreement to develop a jointly owned petrochemical complex in the Special Economic Zone of Duqm in the Sultanate of Oman.
From this agreement, the three companies aim to establish a petrochemical complex consisting of a steam cracking unit, derivatives units, and a natural gas liquids (NGL) extraction plant in Seih Nahayda, where the necessary studies and cooperation will be conducted using the extensive technical and commercial expertise of the three companies to develop a project that has unique features that make it competitive. global and win-win for all partners.
The acting CEO of SABIC, Abd al-Rahman bin Saleh al-Faqih, said that the company’s collaborative approach contributed to building long-term cooperative relationships, providing innovative solutions, and achieving mutual value over more than 45 years, according to the Saudi Press Agency.
Al-Faqih stated that the agreement contributes to identifying and evaluating opportunities for sustainable ambitious growth by combining the capabilities of its parties, their expertise, and their technologies, and teamwork with partners, indicating that joining this distinguished project comes within the framework of the company’s strategy for growth, and the objectives of the Kingdom’s Vision 2030 AD aimed at developing and strengthening business. Transformational industries and facing the challenges of the petrochemical industry, most notably achieving carbon neutrality and providing diverse and sustainable products.
The partners intend to apply the latest technologies in the project; To reduce the carbon footprint, integrate aspects of the circular economy, and adhere to high environmental standards. It is hoped that this huge project will support the development aspirations of the region and maximize social and economic benefits, in addition to enhancing the value of these companies.
The project will also benefit from Duqm’s privileged location, close to global markets, and the infrastructure that has been developed in the region, especially as OQ continues its strategy to contribute to the development of Duqm and make it a center for manufacturing industries and logistics services in line with Oman Vision 2040.