Muscat, Dec. 07, 2021, SPA -- On the sidelines of the state visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense of the Kingdom of Saudi Arabia to the Sultanate of Oman which concluded earlier today, SABIC has signed a memorandum of understanding (MoU) with OQ to study developing a petrochemical project in the Special Economic Zone of Duqm (SEZAD) in Oman, it was reported here. Abdulrahman Al-Fageeh, Executive Vice President for Petrochemicals, who signed the MoU yesterday on behalf of SABIC, commented: "We are honored to sign this MoU with OQ as our focus has always been on key collaborations and on building fruitful relationships for sustainable growth, regionally and globally. With our diverse global portfolio, along with our manufacturing competencies, we are confident of helping to drive the development of downstream industries in Oman, just as we are currently a key enabler in the achievement of Saudi Arabia’s Vision 2030 objectives". The project involves a world-scale steam cracker unit (SCU) and derivatives units producing olefins derivatives (ethylene and propylene) which are expected to utilize the feedstock by-products from the SCU. --SPA 19:40 LOCAL TIME 16:40 GMT 0038 www.spa.gov.sa/w1661652