Oman's Deepak Oman Industries Project has laid the foundation for its $120 million integrated chemical complex in Salalah Free Zone.

The project includes the construction of a complex that will produce about 225,000 tonnes per year of chemicals, including calcium chloride and sodium nitrate, as well as locally available raw materials such as ammonia and limestone.

The products will be sold domestically as well as exported to international markets and will be used in sectors such as oil and gas, added the Oman News Agency report.

Deepak Oman Industries is a company owned by Oman National Investment Development Company (Tanmia), which is owned by the State General Reserve Fund; civil and military pension funds; Muscat Overseas; and Deepak Nitrite, which is one of the largest companies in India’s chemical industry.

The ceremony was attended by Mohamed bin Salim Al-Toobi, Oman’s Minister of Environment and Climate Affairs. He stressed that the Salalah Free Zone is working to attract foreign investments to contribute to the national economy. It has achieved an increase in the volume of investments to reach RO2 billion ($5.19 billion).

Meanwhile, Oman’s electricity generation and water desalination sector has received around $10 billion in total foreign direct investment (FDI) to date, said a report.

Yaqoob Al Kiyumi, chief executive officer of Oman Power and Water Procurement Company (OPWP), the sole offtaker of electricity and water under the sector law, highlighted the strong appeal of this key industry to international investors and utilities.