Sezad signs agreement to woo Chinese investors

MUSCAT: An agreement was signed between Wanfang Oman Company and the Chinese Petrochemical Industries Federation to attract Chinese investments on Tuesday.

The Chinese Petrochemical Industries Federation enjoys a wide presence in China, which includes several major companies operating in the petrochemical industry. The memorandum of understanding will provide opportunities for Chinese companies working in the petrochemical sector to invest in Duqm.

With the signing of the MoU, the Special Economic Zone Authority in Duqm (Sezad) has concluded its promotional campaign “Invest in Duqm,” which was organised in three Chinese cities— Yinchuan, Dalian and Shanghai.

The campaign was aimed at introducing the business community in China to the Special Economic Zone in Duqm (SEZD) and highlight for investors, the strategic location of Duqm in the international trade route and the other incentives and facilities provided by Sezad to the investors, said Yahya bin Said Al Jabri, Sezad’s chairman.

In a speech at a seminar held in Shanghai, Al Jabri said SEZD of- fers promising investment opportunities through a transparent, competitive and sophisticated business environment.

Oil storage

The Oman Oil Company (OOC) informed business people in Shanghai about its oil storage capabilities and plans to set up an oil storage terminal in Ras Markaz.

Said bin Homoud Al Mawali, general manager of the Oman Tank Terminal Company (OTTC), in a presentation reviewed the projects carried out by OOC in SEZD and highlighted the strategic location that the Ras Markaz oil storage terminal enjoys off the Indian Ocean.

The Ras Markaz oil storage terminal is a vital project to store all types of crude oil in large quantities outside the Strait of Hormuz and the terminal is the largest project of its kind in the Middle East.