Wanfang Oman Company signed a memorandum of understanding (MoU) with Chinese Petrochemical Industries Federation on the last day of the promotional campaign ‘Invest in Duqm’ on Tuesday.
The MoU provides for promoting Chinese companies working in the petrochemical sector to invest in the Duqm Special Economic Zone (SEZD).
The Federation enjoys a wide presence in China, which includes many major companies operating in the petrochemical industry.
Meanwhile, Oman Oil Company (OOC) sought to introduce the business people in Shanghai to its oil storage capabilities and plan to set up an oil storage terminal in Ras Markaz.
Said Bin Homoud Al Mawali, General Manager of Oman Tank Terminal Company (OTTC), said that the Ras Markaz oil storage terminal enjoys a strategic location off the Indian Ocean.
Ras Markaz oil storage terminal is a vital project to store all types of crude oil in large quantities outside the Strait of Hormuz. The terminal is the largest project of its kind in the Middle East. OOC is looking to make the terminal a global hub for crude oil storage. The expected investments of the first stage shall be about $1.7 billion with a capacity of about 26 million barrels.
Al Mawali also discussed the project of supplying gas to Duqm and other factories that will be established in SEZD. He also highlighted the Duqm Refinery, which will be set up by OOC in cooperation with Kuwait Petroleum International.
Reggy Vermeulen, CEO of Duqm Port, stressed the importance of the port as a multi-purpose port with the necessary capabilities to become a pivotal port in the world trade movement.
Ali Shah, Chair of Wanfang Oman Company, reviewed the projects to be established by the company, which is supported by the Ningxia Region, stressing that the Sino-Omani Industrial City in Duqm welcomes the investment of Chinese enterprises.
Jalal Al Lawati, Director of Promotion, Sezad, reviewed Sezad advantages and the facilities it provides to investors, while Nasr Bin Zaher Al Hadhrami, Promotion and Investment Executive, the Public Authority for Investment Promotion and Export Development “Ithraa” highlighted the investment opportunities.
The seminar witnessed extensive discussions on the financing of projects and the possibilities of SEZD to enhance the logistics and services provided by Sezad to investors. It also touched upon investing in the oil and petrochemical industries, the procedures of Chinese investors obtaining work visas in the Sultanate and the facilities provided in this framework.