Oman Wanfang inks MoU with Chinese petrochem federation

The ‘Invest in Duqm’ promotion organised by the Special Economic Zone Authority in Duqm (SEZAD) concluded in the city of Shanghai on Tuesday, marking the end of a three-city road-show that including Yinchuan and Dalian as well. Yahya bin Said al Jabri, Chairman of SEZAD, said the campaign was aimed attracting Chinese businesses to invest in Duqm.
On the concluding day, Oman Wanfang Company – a consortium of Chinese investors – signed a Memorandum of Understanding (MoU) with the Chinese Petrochemical Industries Federation to promote Chinese petrochemical investment in Duqm. The Federation enjoys a wide presence in China.
Representatives of Oman Oil Company (OOC) also invited businesses in Shanghai to consider investing in oil storage capacity at the Crude Oil Storage Park under development at Ras Markaz on the Wusta coast. Said bin Homoud al Mawali, General Manager of Oman Tank Terminal Company (OTTC), gave a detailed overview of Ras Markaz oil storage terminal. Investments in Phase 1 of the project, featuring a capacity of 26 million barrels, will be about $1.7 billion.
Al-Mawali also discussed efforts to supply gas to industries in Duqm, and provided an overview of the Duqm Refinery project as well.
There were also presentations by Reggy Vermeulen, CEO of Duqm Port; Ali Shah, Chairman of Oman Wanfang Company; Jalal al Lawati, Director of Promotion, SEZAD; Nasr bin Zaher al Hadhrami, Promotion and Investment Executive, the Public Authority for Investment Promotion and Export Development (Ithraa).

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