Oman Wanfang plans 25 new projects in Duqm
(8/13/2017 6:11:00 AM)
Oman Wanfang, which is the master developer of China Oman Industrial Park in Duqm, plans to develop 25 new projects, which will take the total number of projects within the industrial park to 35.
The proposed 25 projects are in the final stage of studies or in the design stage, said Ali Shah, chief executive officer of Oman Wanfang.
He added that the company plans to start commercial operations at all projects by 2022.
The first phase of the China-Oman Industrial Park in Duqm comprises 10 projects, which are mainly projects for manufacturing building materials, methanol for the olefin project, power project, desalination plant, solar panels and equipment, products for oil field, a plant for producing non-metallic composite pipes used in the oilfields, a factory for the production of steel pipes, wire and steel reinforced PE type and spare parts, a factory to produce high-mobility SUV, and a 5 star hotel located in the tourist area in Duqm.
Tremendous progress has been made in developing ten projects at China Oman Industrial Park at Duqm. Several agreements were signed by Chinese companies and Oman Wanfang for building these projects with a combined investment of $3.2 billion in April. A groundbreaking ceremony was also conducted in April this year for developing the industrial park in Duqm.
Regarding the construction materials, which will be built by Oman Wanfang, Ali Shah said that the project cost is about $138 million. Due to its importance, the company is giving priority for this venture and will speed up its implementation to be ready before the end of 2018.
Regarding funding of China Oman Industrial Park, Ali Shah said that the cost of establishing the park is about $10.7 billion and will be financed through Chinese companies and bank loans. He pointed out that there are negotiations with local Chinese and regional banks to finance the park projects. He affirmed that indicators are good and the door is open for various Omani banks to finance whatever project they like to finance, adding that the company’s cooperation with the Omani banking sector is not limited to financing, but includes various fields that benefit both sides.
Ali Shah said that the projects to be implemented at the China Oman Industrial Park in Duqm are carefully selected. This will help diversification programmes of Oman.
Times of Oman