MUSCAT: Sohar Port and Free Zone signed on Thursday, October 26, 2023, a sub-usufruct agreement with the International Fine Chemicals Company to establish a polymer manufacturing plant with an investment value of $300 million. The project, covering an area of 240,000 square metres, will serve various industries. Including energy production, agriculture, wastewater management, and the pulp and paper industry.
This project will work to strengthen supply chains, attract relevant industries, enhance local trade networks, contribute directly to economic growth and attract manufacturing industries, in addition to developing technology and sustainable growth in various sectors, especially energy production, agriculture, water management, and others.
The signing ceremony was held under the auspices of Dr Said bin Mohammed al Saqri, Minister of Economy, in the presence of His Highness Sayyid Faisal bin Turki Al Said, Chairman of the Board of Directors of the International Fine Chemicals Company, and a number of officials from the public and private sectors.
In a statement, the Minister of Economy stressed the importance of this project, which focuses on high modern technologies used in the production of several economic sectors and targets a number of markets in the region.
Omar bin Mahmoud al Mahrizi, CEO of Sohar Free Zone and Executive Vice President of Sohar Port, said the project represents a new and qualitative addition of investment value to Sohar Port, explaining that the project will include industrial units that enter, as a final product of polymer, into several associated industries.
Echo Liu, CEO of International Fine Chemicals, said the partnership will contribute to redefining industry standards in the company’s business and contributing to sustainable growth by taking advantage of the strategic advantages provided by Sohar Port and its proximity to major markets.
Emile Hoogsteden, CEO of Sohar Port, explained that this cooperation is a continuation of the process of activating the integrated logistics system by attracting more qualitative investments with local added value and developing the port’s efforts in economic diversification, which qualifies it to play a vital role in achieving the national logistics strategy through innovation and empowerment. Trade, diversification of industries and investment.
This project targets the Gulf, European, North and South American markets, and reaching the main economic regions to provide innovative solutions that contribute to economic growth at the local and global (ONA).
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