Kuwait Petroleum International (KPI), SABIC, and QQ have officially signed an agreement for the development of a Petrochemical Complex at SEZAD or rather the Special Economic Zone at DUQM in Oman.
The CEO of QQ, Talal Hamid Al Awfi, the CEO (A) of SABIC, Abdulrahman Saleh Al Fageeh, and the CEO of KPI, Shafi Taleb Al Ajmi signed the agreement on behalf of their respective companies.
As per the agreement, the companies will construct a petrochemical complex that will feature steam crackers as well as derivative units. Additionally, the project’s development construction will include a natural gas liquid (NGL) extraction facility.
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The Petrochemical Complex at SEZAD to achieve the highest environmental standards
Additionally, the project’s development will feature unique attributes that will make it globally competitive as well as profitable for all, three partners. From market observation, the demand for petrochemicals will rise sharply as living conditions and human development advance especially within developing markets around Oman.
As a result, the project intends to monetize Natural Gas Liquids alongside other feedstocks from QQ and KIP’s joint venture refinery in the manufacturing of the facility’s products.
Post-production, the Petrochemical Complex at SEZAD in Oman will target growing markets that are working with clean technologies, and in construction, mobility, and energy transition. Furthermore, the facility will also target markets that are in the packaging, durable goods as well as healthcare industries.
While commenting on the project, Al Ajmi revealed that the project will deploy, state-of-the-art technologies, which will help minimize carbon footprint. Furthermore, the project’s advanced technologies will support a deeper commitment to high environmental standards. It will also support Oman’s development aspirations and extend to socio-economic impacts.