13/09/2017 09:20 AST

Wanfang Oman Company signed a memorandum of understanding (MoU) with Chinese Petrochemical Industries Federation on the last day of the promotional campaign ‘Invest in Duqm’ on Tuesday.

The MoU provides for promoting Chinese companies working in the petrochemical sector to invest in the Duqm Special Economic Zone (SEZD).

The Federation enjoys a wide presence in China, which includes many major companies operating in the petrochemical industry.

Meanwhile, Oman Oil Company (OOC) sought to introduce the business people in Shanghai to its oil storage capabilities and plan to set up an oil storage terminal in Ras Markaz.

Said Bin Homoud Al Mawali, General Manager of Oman Tank Terminal Company (OTTC), said that the Ras Markaz oil storage terminal enjoys a strategic location off the Indian Ocean.

Ras Markaz oil storage terminal is a vital project to store all types of crude oil in large quantities outside the Strait of Hormuz. The terminal is the largest project of its kind in the Middle East. OOC is looking to make the terminal a global hub for crude oil storage. The expected investments of the first stage shall be about $1.7 billion with a capacity of about 26 million barrels.

Al Mawali also discussed the project of supplying gas to Duqm and other factories that will be established in SEZD. He also highlighted the Duqm Refinery, which will be set up by OOC in cooperation with Kuwait Petroleum International.

Reggy Vermeulen, CEO of Duqm Port, stressed the importance of the port as a multi-purpose port with the necessary capabilities to become a pivotal port in the world trade movement.

Ali Shah, Chair of Wanfang Oman Company, reviewed the projects to be established by the company, which is supported by the Ningxia Region, stressing that the Sino-Omani Industrial City in Duqm welcomes the investment of Chinese enterprises.

Jalal Al Lawati, Director of Promotion, Sezad, reviewed Sezad advantages and the facilities it provides to investors, while Nasr Bin Zaher Al Hadhrami, Promotion and Investment Executive, the Public Authority for Investment Promotion and Export Development “Ithraa” highlighted the investment opportunities.

The seminar witnessed extensive discussions on the financing of projects and the possibilities of SEZD to enhance the logistics and services provided by Sezad to investors. It also touched upon investing in the oil and petrochemical industries, the procedures of Chinese investors obtaining work visas in the Sultanate and the facilities provided in this framework.

Oman Tribune

Ticker Price Volume
QNBK 136.89 585,656
SABIC 109.63 4,074,014
DHPS 0.00 0
BURUJ 34.43 173,423
STC 78.46 608,513
EEC 15.18 2,582,711
ARNB 28.92 230,664
Saudi, US trade exchange amounted to SR135 billion in 2017


The United States ranks second in terms of the volume of the Kingdom’s trade exchange amounting to SR135 billion, according to preliminary data issued by the General Authority for Statistics for the

Saudi Gazette

Saudi executives agree on multi-cloud’s business potential


C-level executives and business leaders in Saudi Arabia overwhelmingly agree on cloud computing’s positive and transformative impact, according to new findings released Monday.


Saudi Gazette

Women’s Economic Forum opens in Riyadh


Saudi Arabia is opening a new page in its history, Sophie Le Ray, founder of the WIL Series, said as she opened the Women’s Economic Forum in Riyadh on Monday.

Le Ray said that the GCC coun

Arab News

Rasasi reports six per cent growth in Oman for 2017


Rasasi Perfumes, one of the leading perfume houses in the Middle East, has recorded a 6 per cent overall increase in Oman for 2017.

Salim Kalsekar, managing director of Rasasi Perfumes, at

Times of Oman

Qatar’s real estate credit grew 13.2% in Q4, 17


Driven by an 8.1 percent growth in Oil & Gas sector, Qatar’s GDP grew by 3.9 percent in September 2017 on quarter-on-quarter basis. The non-oil sector grew by 1.9 percent on Q-o-Q, as the private sec

The Peninsula