Oman’s SOHAR Port and Freezone has signed a sub-usufruct agreement with Universal FINE Chemicals SPC to establish the world’s second largest polymer manufacturing plant in SOHAR Port with a $300 million investment, encompassing plans for future expansion.
Spanning an area of 2,40,000 square metres within the port’s petrochemical cluster, the polymer plant will produce polyacrylamide (PAM) and related monomers. The project will cater to diverse applications in energy production, pulp and paper industry, agriculture, and wastewater management in the Middle East, North and South America, and the European Union.
The agreement was signed by Emile Hoogsteden, CEO, SOHAR Port and Freezone, and Echo Liu, CEO, Universal FINE Chemicals SPC, in the presence of Sayyid Faisal bin Turki Al Said, Chairman, Universal FINE Chemicals SPC, and under the patronage of Dr. Said Mohammed Al Saqri, Oman’s Minister of Economy. The project boosts the commitment of both entities in advancing technology, fostering sustainable growth across diverse sectors, and developing the industrial landscape.
The agreement positions SOHAR Port as a dynamic global exporter of essential chemicals, fostering trade connections, and propelling international growth. The infusion of substantial foreign direct investment from Singapore and China enhances the attractiveness of the port as a premier investment destination, reinforcing its global competitiveness. Locally, the venture strengthens supply chains and attracts related industries, amplifying local trade networks, stimulating regional business growth, and promoting economic prosperity.
Commenting on the importance of the agreement, Universal FINE Chemicals CEO Echo Liu, says, “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.”
SOHAR Port and Freezone CEO Emile Hoogsteden adds, “Through our signed agreement with Universal FINE Chemicals SPC, we’re 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 into the forefront of global progress. By revolutionizing trade and fostering economic prosperity, we’re turning the Vision 2040 aspirations into a tangible reality.”
The project’s scope 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 Freezone 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.