Oman's Sohar Port and Freezone has signed an agreement worth $300 million with Universal FINE Chemical SPC to establish a polymer manufacturing plant in Sohar Port, Oman’s state news agency said on Thursday.

The project will cover an area of 240,000 square metres and "cater to diverse applications including production of energy, agriculture, wastewater management, and the pulp and paper industry in the Middle East, North and South America and Europe," the agency added. (Reporting by Tala Ramadan)