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Oman News

Oman’s OQ signs 9 agreements to set up $88 million worth industrial projects

OQ Refineries and Petrochemical Industries, a subsidiary of OQ Group, signed nine investment agreements worth USD 88 million to establish industrial projects in the Ladayn Polymer Park in Sohar Industrial City.

TAS News Service

info@thearabianstories.com

Monday, December 11, 2023

MUSCAT : These agreements are part of OQ’s efforts to support economic diversification policies and attract investments, in line with the objectives of Oman Vision 2040. Additionally, they aim to boost investment in industries that meet the needs of local markets and exports. These collective investments are poised to create around 290 direct job opportunities and 600 indirect job opportunities.


This initiative is In line with Oman Investment Authority’s vision in enriching In Country Value by empowering the private sector, localizing local industries, strengthening the local economy, and by developing and stimulating small and medium enterprises.


Strategically located in Sohar Industrial City, the Ladayn Polymer Park project is set to invigorate the local industrial sector by introducing new, added-value products, thereby fostering the growth of similar industries. The project’s focus on localising specialised plastic industries and integrating cutting-edge technology is designed to enhance Oman’s value proposition. Additionally, it presents incentives for investors, creating an attractive investment environment for both regional and global investors.

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