SHANGHAI: OQ Group has signed a strategic partnership with Multi Bond Metal Company to establish a plant for producing advanced polymer compounds for heat resistance and surface protection at the Polymer Industries Complex in Sohar Industrial City with an investment cost of $23 million.
This partnership is part of OQ Group's efforts to localise industries based on polymer products and attract foreign direct investment to the Sultanate of Oman, enriching the industrial sector with products that achieve self-sufficiency and export potential.
The agreement was signed by Sadiq bin Hassan al Lawati, Executive Director of Marketing at OQ Group, and Wei Feng, Chairman of Multi Bond Metal Company, during the group's participation in the China International Plastics Exhibition held in Shanghai, People's Republic of China.
Hilal bin Ali al Kharusi, CEO of the Commercial, Refining, and Petrochemicals sector at OQ Group, stated this project will be the first of its kind in the Sultanate of Oman and the Middle East. It will produce innovative products such as fire-resistant plastic compounds, heat-dissolvable polymers, plastic wraps, and protective plastic coatings for metal compounds.
He added that this joint project is the tenth factory in the Ladayn Polymer Complex in Sohar Industrial City and represents a qualitative leap for the industrial sector in the Sultanate of Oman, enhancing the production chain and industrial capabilities.
The Ladayn Polymer Industries Complex, covering an area of over one million square meters, is a key site for polymer manufacturing in the Sultanate of Oman. It aims to attract investments in various sectors, including construction, healthcare, and packaging. Since its establishment, it has attracted numerous investments and signed agreements in 2023 to establish 9 projects worth $88 million. —ONA
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