MUSCAT: Liwa Plastics Industries Complex, a transformational project of OQ – the global integrated energy group of the Sultanate of Oman – witnessed the official Commissioning Ceremony at its site in Sohar Industrial Port on 20 December 2021.

The project was inaugurated by His Highness Sayyid Asa’ad bin Tarik Al Said, Deputy Prime Minister for International Relations and Cooperation Affairs, Personal Representative of His Majesty the Sultan.

The successful implementation of the petrochemicals project, with an investment of OMR 2.7 billion (approx. USD 7 billion), exemplifies the Omani government’s efforts to diversify revenue sources, support local manufacturing opportunities, and most importantly, to add value to the country’s natural resources by opening up avenues for investments in downstream petrochemical industries.

Speaking to reporters after the inauguration, Sayyid Asaad the project hold great importance to the national economy. “This is of great importance to the national economy, which embodies the economic diversification policies pursued by the government of His Majesty the Sultan, in line with the “Vision of Oman 2040”.

“The Liwa Plastic Industries Complex is a tributary of manufacturing industries in the Sultanate of Oman; It enhances the efforts exerted in the industrial sector and upgrading it, and it has significant contributions to the local added value that has boosted investment turnover in the local market,” he added.

Significantly, Liwa Plastics achieved an In-Country Value (ICV) contribution amounting to approximately OMR 578 million (approx. USD 1.5 billion) during the construction phase through the localization of various goods and services procured from Omani companies, including small and medium enterprises (SMEs).