Business Reporter -
MUSCAT, JUNE 18 -
Alizz Islamic Bank is providing funding support for Oman’s first Polymer Manufacturing plant in Raysut Industrial City in Dhofar Governorate
The 33,000 m2 facility, set up with an investment of around $20 million, has a current plant capacity of 15,000 tonnes of polymer per year, with plans for its expansion in stages to reach a total of 70,000 tonnes per year. It will serve Omani, GCC and North American markets. A launch ceremony for the plant was held in Muscat on Monday.
Alizz Islamic Bank’s Wholesale Banking group provides a comprehensive range of Shari’a compliant solutions to corporate, commercial and government institutions.
Remarking on this occasion Ghalib al Busaidy (pictured), GM - Group Head of Wholesale Banking of Alizz Islamic Bank said, “We are pleased to have played a role in the launch of the GCC’s first Polymer Manufacturing plant and thank ZL EOR Chemicals Oman for partnering with us. Backing the Sultanate’s In-Country Value Blueprint Strategy is in line with Alizz Islamic Bank’s mission to support and finance various projects in the Sultanate and contribute to the growth and diversification of the national economy.”
Al Busaidy added, “We have developed a variety of banking products and services that meet all the financing needs of government and privately owned entities and corporations operating in Oman.”
Enhanced Oil Recovery (EOR) enables the extension of the lifetime of mature oilfields and substantially increases the oil production. Polymer flooding is one of the important EOR methods widely deployed worldwide and used in Oman where PDO runs several showcase projects including the Marmul Polymer phase 1 and 2 projects.
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