Sabic, OQ, KPI in deal to build mega petchem complex
01 February 2023
Saudi Basic Industries Corporation (Sabic), Omani energy company OQ and Kuwait Petroleum International (KPI), have signed a project development agreement for a jointly owned petrochemical complex in the Special Economic Zone at Duqm (Sezad) in Oman.
As per the deal, the trio will set up a steam cracker and derivative units as well as a natural gas liquid (NGL) extraction facility as part of the project.
“Sabic’s collaborative approach has built longstanding relationships and also delivered innovative solutions and created mutual value for more than 45 years. This deal enables us to identify and assess opportunities for ambitious and sustainable growth by bringing together our capabilities, expertise and technologies and working collectively with our partners,” remarked its CEO Abdulrahman Al Fageeh after signing the agreement with OQ Group CEO Talal bin Hamed al Awfi and Kuwait Petroleum CEO Shafi Taleb Al Ajmi.
Al Awfi said the agreement is in line with Oman Investment Authority (OIA) plans to attract foreign investments to support realise the sultanate’s Vision 2040.
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