Chinese firm to set up $2.8bn petrochem firm in Duqm

A Chinese firm plans to invest $2.8 billion in a major petrochemical project at the Sino-Oman industrial park in Duqm’s Special Economic Zone (SEZ), a Chinese newspaper announced.
China Daily reported that the investment plan was outlined during a promotion of the Duqm Special Economic Zone held by SEZAD in Dalian, Northeast China’s Liaoning province.
Dalian Mingyuan Holdings Group Co Ltd has signed an investment agreement to build a 10 million-tonne project to manufacture olefin with methanol. In Phase 1, an investment of $2.8 billion is anticipated. Output is estimated at 1.8 million tonnes of olefin annually.
The production will provide lower cost raw materials to the company’s petrochemical bases at the Dalian Changxingdao Economic Zone.