Oman Business: OQ, Madayn and IIA partner to set up plastics park – Gulf Digital News

Oman Business: OQ, Madayn and IIA partner to set up plastics park – Gulf Digital News

Oman’s national petroleum investment company OQ, Madayn (Public Establishment for Industrial Estates) and Industrial Innovation Academy (IIA) have signed an agreement to set up a plastics park in Phase 7 of Sohar Industrial Estate.

The memorandum of understanding (MoU) comes in line with one of Oman Vision 2040’s objectives: achieving a competitive, diversified and integrated economy as the project is envisaged to open major investment opportunities, especially in plastics conversion, with OQ as the major provider of raw materials, reported Oman News Agency (ONA).

The MoU was signed by Hilal Ali Al Kharusi, Chief Executive Commercial & Downstream at OQ on behalf of OQ, Hilal Hamed Al Hasni, Chief Executive Officer of Madayn and Dr Ayman Abdullah Al Fudhaili, Acting CEO of the Industrial Innovation Academy.

The project will play a key role in creating job opportunities in an increasingly competitive and innovation-based economy, broaden the scope of private sector’s contribution to diversified economic growth and encourage the shift to higher value-added sustainable products.

OQ will remain the major provider of high-quality raw material for plastic-based products required for basic uses as sustainable packaging to specialty uses in healthcare, fibers and textile, agriculture, construction to furniture and more.

The plastics park, equipped with the requisite