Company executives signing the MoU
Saudi Basic Industries Corp. (SABIC) signed, on Dec. 6, a memorandum of understanding (MoU) with OQ, Omani state energy company, to study the development of a new petrochemical project in the Special Economic Zone of Duqm (SEZAD), Oman.
The non-binding MoU lays the preliminary and indicative terms for the potential study and expresses the intentions of the two sides to discuss and assess the feasibility of the project, SABIC said in a statement.
The project involves a world-scale steam cracker unit (SCU) and derivatives units producing olefins derivatives (ethylene and propylene), which are expected to utilize the feedstock by-products from the SCU.
Omani and Saudi firms signed 13 memoranda of understanding (MoU) valued at $30 billion during the Saudi Crown Prince Mohammed bin Salman’s visit to Oman.
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