Saudi Basic Industries Corporation (Sabic), a global leader in diversified chemicals, has along with Omani energy company OQ and Kuwait Petroleum International (KPI) signed a project development agreement for a jointly owned petrochemical complex in the Special Economic Zone at Duqm (Sezad) in Oman. As per the deal, the trio will jointly set up a steam cracker and derivative units as well as a natural gas liquid (NGL) extraction facility as part of the project.
The project intends to deploy state-of-the-art technologies to minimise carbon footprint and incorporate circular economy aspects and commit to high environmental standards. This mega project would support the region’s development aspirations, maximizing socio-economic impacts as well as value addition to these companies, said the statement from Sabic.
The companies will conduct the necessary studies and collaborate using their wealth of technical and commercial experience to develop the project with unique attributes that make it globally competitive and profitable for all three partners, it added.
“Sabic’s collaborative approach has built longstanding relationships and also delivered innovative solutions and created mutual value for more than 45 years. This deal enables us to identify and assess opportunities for ambitious and sustainable growth by bringing together our capabilities, expertise, and technologies and working collectively with our partners,” remarked its CEO Abdulrahman Al Fageeh after signing the agreement with OQ Group CEO Talal bin Hamed al Awfi and Kuwait Petroleum CEO Shafi Taleb Al Ajmi.