In Brief

October 2017

Chinese firm plans project

A DALIAN-based company plans to build a petrochemical project with total investment of about $2.8 billion at a China-Oman industrial park in Oman, said a report. The plan was revealed during a promotion of Oman’s Duqm Special Economic Zone held in Dalian, Northeast China’s Liaoning province, added the China Daily report. Dalian Mingyuan Holdings Group Co Ltd has signed an investment agreement with the Duqm Special Economic Zone to build a 10 million-tonne project to manufacture olefin with methanol, it said.


Top firms vie for Oman project

FOUR consortiums led by global players – JGC, GS Inima, Acwa and Tedagua – are in the race to develop an independent seawater desalination project in Sharqiyah area of Oman, with a desalination capacity of 17.6 million gallons per day in Oman. Oman Power and Water Procurement Company (OPWP) will award the contract for the Sharqiyah independent water project next month on a build, own, and operate (BOO) basis, reported the Times of Oman.

The plant is expected to start operations in the third quarter of 2019, aimed at meeting the growing demand for potable water, it added.


Foreign investments in FFZ 

FOREIGN investments in the Fujairah Free Zone (FFZ) amount to more than Dh8 billion ($2.17 billion), with FFZ Authority accommodating more than 3500 companies from over 44 countries.

“FFZ is witnessing growing demand on the part of investors wishing to establish different types of projects, especially in the oil and logistics sectors, prioritising areas of petrochemicals to utilise the zone›s close proximity to Fujairah Oil Industry Zone,” Sharief Habib Al Awadhi, director general, FFZA, was quoted by Wam, the Emirates official news agency.


Kufpec buys Total’s assets

FRENCH oil giant Total said it has signed an agreement to sell its remaining 15 per cent stake in Gina Krog oilfield at Norway to Kuwait Foreign Petroleum Exploration Company (Kufpec) in a deal worth nearly $317 million. This agreement builds on the 2016 transaction between Total and Kufpec concerning Norwegian North Sea assets, which included a 15 per cent interest in Gina Krog.


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