OQ Group Signs $598M Agreements for Downstream Manufacturing in Oman
OQ Group has signed agreements totaling over RO230 million ($598 million) with Germany's MAK and India's Deepak to bolster downstream manufacturing in Oman. The projects include a plant for Purified Terephthalic Acid and Polyethylene Terephthalate in Sohar and a facility for sodium nitrite and sodium nitrate in Salalah, aimed at enhancing local industrial value chains. Sohar Port will support these initiatives by integrating regulatory and operational frameworks.
Theia Market Signal Identification - AI Assisted
OQ Group signed agreements worth over RO230 million ($598 million) with Germany's MAK and India's Deepak for advanced downstream manufacturing in Sohar and Salalah, Oman. The initiative aims to enhance local industrial value chains.
The first agreement with MAK involves a plant for Purified Terephthalic Acid (PTA) and Polyethylene Terephthalate (PET) in Sohar Freezone with an investment of over RO192 million, targeting a production capacity of 700,000 tonnes per year. The second agreement with Deepak is for ammonia supply to establish a plant for sodium nitrite and sodium nitrate in Salalah Freezone, with an investment exceeding RO38 million and a capacity of approximately 70,000 tonnes per year. Sohar Port signed agreements to support these projects, integrating regulatory and operational frameworks.
Comments