Muscat – Sohar Port and Freezone signed a sub-usufruct agreement with Universal FINE Chemicals SPC to establish the world’s second-largest polymer manufacturing plant at Sohar Port with an estimated investment of approximately $300mn.
The agreement signing ceremony took place under the patronage of H E Dr Said bin Mohammed al Saqri, Minister of Economy, in the presence of H H Sayyid Faisal bin Turki al Said, chairman of Universal FINE Chemicals SPC.
The project, which will be set up on a land area of 240,000 square meters, will serve diverse applications, including energy production, agriculture, wastewater management, and the pulp and paper industry in the Middle East, North and South America, and Europe.
This major project not only demonstrates a commitment to technological advancement but also enhances the development of the industrial landscape, Sohar Port and Freezone said in a press statement. This pioneering project further underscores the commitment of both entities to advancing technology and fostering sustainable growth across various sectors.
This new agreement positions Sohar Port at the forefront of global industrial chemical exporters. The significant foreign direct investment (FDI) from Singapore and China enhances the attractiveness of Sohar Port as a premier investment destination, reinforcing its global competitiveness.
The polymer manufacturing project is expected to enhance supply chains, attract related industries, and strengthen local trade networks, making a significant contribution to economic prosperity. By integrating into Sohar Port’s Petrochemical Cluster, the project not only amplifies its significance but also attracts downstream industries, stimulating regional business growth.
Commenting on the importance of the agreement, Echo Liu, CEO of Universal FINE Chemicals SPC, said, “This partnership marks a significant milestone in our pursuit of excellence. By leveraging the strategic advantages provided by Sohar Port and its proximity to key markets, we aim to redefine industry standards and contribute to sustainable progress.”
The polymer plant will be equipped with innovative technologies and will produce polyacrylamide and related monomers. The main plant product, polyacrylamide, is used for enhanced oil recovery, water treatment, the paper industry, agriculture, and other applications.
Emile Hoogsteden, CEO of Sohar Port, said, “Through our signed agreement with Universal FINE Chemicals SPC, we are not only shaping trade dynamics but also driving Oman’s Vision 2040 forward. This collaboration is a testament to our unwavering commitment to innovation-led growth, propelling our nation to the forefront of global progress. By revolutionising trade and fostering economic prosperity, we’re turning Oman Vision 2040 aspirations into tangible reality.”
Sohar Port emphasised that the scope of this major project extends beyond regional boundaries, with a strategic focus on serving markets in the GCC, North and South America, and the European Union.
By strategically targeting these diverse and expansive markets, the collaboration between Sohar Port and Universal FINE Chemicals SPC aims to establish a strong foothold in key economic zones, effectively delivering innovative solutions and contributing to economic growth on a global scale. This global outlook reflects the partnership’s commitment to not only fortifying the local economy but also creating a lasting impact on a broader international stage.