Oman’s SOHAR Port and Freezone announced on Saturday that it signed a sub-usufruct agreement with Universal FINE Chemicals SPC for establishing the world’s second largest polymer manufacturing plant in SOHAR Port at a total investment of $300 million.

A press statement issued by Sohar Port and Freezone didn’t disclose the plant’s capacity but said it will span a land area of 240,000 square metres within the Port's Petrochemical Cluster and will produce polyacrylamide (PAM) and related monomers.

Polyacrylamide is used for enhanced oil recovery, water treatment, paper industry, agriculture and other applications, the statement said, adding that the project will target markets in the GCC, North and South America, and the European Union.

The agreement was signed by Emile Hoogsteden, CEO of SOHAR Port and Echo Liu, CEO of Universal FINE Chemicals SPC in the presence of Sayyid Faisal bin Turki Al Said, Chairman of Universal FINE Chemicals SPC, and under the patronage of Dr Said bin Mohammed Al Saqri, Oman’s Minister of Economy.

(Writing by Senthil Palanisamy; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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