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Chinese firm plans $2.8bn Omani petchem project

Trade Arabia | September 13, 2017
 The Islamic Chamber of Commerce , Industry and Agriculture (ICCIA)

A Dalian-based company plans to build a petrochemical project with total investment of about $2.8 billion at a China-Oman industrial park in Oman, said a report.

The plan was revealed during a promotion of Oman's Duqm Special Economic Zone held on Sunday in Dalian, Northeast China's Liaoning province, added the China Daily report.

Dalian Mingyuan Holdings Group Co Ltd has signed an investment agreement with the Duqm Special Economic Zone to build a 10 million-tonne project to manufacture olefin with methanol, it said.

The first phase of the project is expected to invest about $2.8 billion and generate 1.8 million tonnes of olefin annually.

The annual production value could reach $919 million.

The production will provide lower cost raw materials to the company's petrochemical bases at the Dalian Changxingdao Economic Zone, added the report.