Oman signs $88m industrial projects in plastics sector

The agreements focus on promoting Omani goods and services or those provided by locally registered suppliers

OQ Refineries and Petrochemical Industries has signed nine investment agreements worth $88 million to establish industrial projects in the Ladayn polymer park in Sohar Industrial City.

The agreements focus on promoting Omani goods and services or those provided by locally registered suppliers, state-owned Oman News Agency reported.

The company, a subsidiary of state-run OQ Group, said boosting in-country value is a central element of the group’s investment strategy to enrich local markets, support domestic products and strengthen small and medium enterprises.

The strategy to localise select goods is estimated to contribute $46 million annually to the in-country value.

The collective investments are predicted to create 290 direct job opportunities and 600 indirect job opportunities.

Ladayn Polymer Park is focused on helping the sultanate become self-sufficient in plastic products and boost its presence in the international plastics market.