Business Reporter –
Muscat, APRIL 18 –
A raft of agreements is due to be signed today against the backdrop of a grand ceremony to mark the laying of the foundation of the Sino-Omani Industrial City in Duqm — one of the cornerstone investments of the Special Economic Zone (SEZ) coming up on the Sultanate’s Wusta coast.
His Highness Sayyid Taimur bin Asaad bin Tareq al Said will lead a large contingent of dignitaries at the ceremony.
Also in attendance will be Yahya bin Said al Jabri, Chairman of the SEZ Authority of Duqm (SEZAD), as well as Wang Heshan, Deputy Governor of the Ningxia Autonomous Region of China, and Yang Guo of the Ningxia Water Investment Group.
Today’s event will mark a key milestone in the establishment of an ambitious Chinese Industrial City at the SEZ.
This industrial city envisages dozens of projects of an investment size estimated at $10.7 billion over a period of several years. A usufruct agreement covering the lease of a 1,172 hectare site for the expansive development was inked in May last year.
Overseeing the development of the industrial city is Oman Wan Fang LLC, which represents a consortium of six private Chinese corporations that have come together to develop the world-scale hub within the SEZ.
The proposed industrial city will be home to Duqm’s second oil refinery, which with a world-scale processing capacity of 230,000 barrels per day (bpd), will be similar in size to the $7 billion Duqm Refinery project that was formalised earlier this month. Also envisaged alongside the Chinese-led refinery venture is a gigantic petrochemicals complex.
At least nine agreements will be signed today for the allocation of land within the industrial city for the establishments of projects ranging from pipe manufacturing, power generation, and methanol and fuel production, to a string of tourism related schemes.
Oman Wan Fang LLC has already outlined the potential for investments in gas-based heavy industries — part of a portfolio of 35 substantial industrial investments planned at the park.
Business Reporter –