MUSCAT: National projects in the petrochemical sector carried out by the Oman Investment Authority (OIA) to support the economy reflect the aspirations of the government towards promoting economic diversification, His Highness Sayyid Theyazin Bin Haitham Al Said, Minister of Culture, Sports and Youth said. 

Speaking after commissioning the OMR 318 million OQ LPG plant in Dhofar Governorate, Sayyid Theyazin said it will maximize its benefits and promote the downstream industries.

The LPG plant embodies the government’s strategy to drive economic diversification, optimize value creation from the country’s natural resources, promote in-country value (ICV) development, and implement the Oman 2040 Vision to diversify revenue generation streams.

“These national projects in the petrochemical sector carried out by Oman Investment Authority through OQ Group support the national economy and reflect the aspirations of the government of His Majesty Sultan Haitham bin Tarik, towards promoting the economic diversification approaches in the country in line with Oman Vision 2040,” Sayyid Theyazin said. 

“We would also like to commend the success in commissioning OQ’s LPG plant in Dhofar and its high level of operational efficiency. The plant, which is run by young Omani cadres, reflects the efforts exerted by OQ to make the optimal use of natural resources, maximize its benefits and promote the downstream industries. This will support the various economic activities related to the energy sector, particularly the small and medium enterprises” His Highness added.

OQ LPG has a capacity to process around 8.8 million standard cubic meters per day of lean gas to produce about 304 kilotons per year of LPG comprising 155 kilotons per year of propane (C3), 111 kilotons of butane (C4) and 38 kilotons of condensates (C5+).