Signing of Memorandum of Understanding for the creation of a plastics park in the commercial town of Sohar
OQ, the incorporated global energy group of the Sultanate of Oman, and the Public Institution for Industrial Zones (Madayn) signed a Memorandum of Understanding to establish a plastics park in the commercial city of Sohar with the implementation of Oman Vision 2040 Tracking unit.
The MoU is in line with one of the objectives of Oman Vision 2040: a competitive, diversified and built-in economy, as the allocation is anticipated to open up primary investment opportunities, namely in plastics conversion, with OQ as the main supplier of raw materials.
As a component of the memorandum of understanding, Madayn has allocated 1 million m2 of land in the commercial city of Sohar for the park to manufacture semi-finished and finished plastic products with high added value.
The allocation will play a key role in creating employment opportunities in a competitive and innovation-based economy, broaden the scope of the personal sector’s contribution to diversified economic growth and inspire the shift towards sustainable products with higher added value.
OQ will continue to be the leading supplier of uncooked fabrics for plastic-based products needed for fundamental uses such as sustainable packaging for specialized uses in health, fibers and textiles, agriculture, construction, furniture and more.
The plastics fleet, stocked with the conveniences and providing optimized processes to facilitate business, will attract more domestic and foreign investors in the plastic price chain, such as uncooked curtain suppliers, additive manufacturers, plastic processors, recyclers and testing services.
Madayn presented the land at incentive rates and the Plug and Play concept that provides non-unusual amenities such as a workshop, an administrative building, a center of excellence, a laboratory and recycling at high rates in addition to power, fuel and telecommunications lines.
The plastics industrial park is 16 km from Suhar Airport, 18 km from Sohar Port and 20 km from OQ Raw Materials Factory.
The park will also open investments in revolutionary, innovative and sustainable new products for the conversion of polymers to obtain competitive advantages.
Raw fabrics that are easily sourced from OQ at competitive costs will minimize raw curtain inventories, shorten delivery times, and decrease transportation costs.
As investments increase, the plastics park will expand industry-specific facilities with technical skills through the education and integration of unemployed well-educated Omani youth and also through the introduction of a polymer curriculum at Omani universities.
Hilal bin Ali al Kharusi, CEO – Commercial
Hilal bin Hamad al Hasani, CEO of Madayn, added: “Our project is for industries to find their true potential through assembling their core desires and supporting them in their growth. The plastics industry is a domain with wonderful growth potential. We are pleased to sign this Memorandum of Understanding with OQ, which has awaited the returns that investments in this domain will bring to the other people of Oman. “
The signing was also attended by Dr. Khamis bin Saif al Jabri, Chairman of Oman’s Vision 2040 Implementation Monitoring Unit, Dr. Saleh bin Said Masan, Undersecretary of Trade and Industry of the Ministry of Trade, Industry and Investment Promotion, and senior leaders of the OQ Group.
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