RO 1.5 billion worth of guarantees released for OQ Plastics Complex

MUSCAT: Global Integrated Energy Group OQ announced the completion of testing the required production capacity of the OQ Plastics Complex, with an investment value of approximately RO 2.7 billion, in accordance with the requirements of lenders from local and international financing bodies, as the complex exceeded the targeted production capacity according to Standards required and agreed upon with project lenders.

This led to the fulfillment of all requirements related to raising the guarantees estimated at RO 1.5 billion allocated by the Government of the Sultanate of Oman to finance the construction of the OQ Plastics Complex.

The OQ Plastics Complex supplies the petrochemical industries sector with the production of 880,000 tonnes annually of polyethylene, which represents about 40 per cent of the total various polymer uses in the industry, and about 300,000 tonnes annually of polypropylene. This will raise the Sultanate of Oman’s production of the two materials to 1.5 million tonnes annually which is marketed to more than 60 countries around the world. — ONA

Source: Oman Observer