SEZAD signs MoU to attract Chinese investments in Duqm

September 12, 2017

The Special Economic Zone Authority in Duqm (SEZAD) on Tuesday concluded its promotional campaign ‘Invest in Duqm’ organised in three Chinese cities: Yinchuan, Dalian and Shanghai.

In a speech at a seminar held in Shanghai, H E Jabri said that SEZD offers promising investment opportunities through a transparent, competitive and sophisticated business environment.

The last day of the campaign witnessed the signing of a memorandum of understanding (MoU) between Wanfang Oman Company and the Chinese Petrochemical Industries Federation, which provides for the promotion by the Federation of Duqm among Chinese companies working in the petrochemical sector to invest in the SEZD. The Federation enjoys a wide presence in China, which includes many major companies operating in the petrochemical industry, according to a press release issued by SEZAD.

Oman Oil Co introduced the business people in Shanghai to its oil storage capabilities and plan to set up an oil storage terminal in Ras Markaz. Oman Oil Co is looking to make the terminal a global hub for crude oil storage. The expected investments of the first stage shall be about US$1.7bn with a capacity of about 26mn barrels.

During the seminar in Shanghai, Reggy Vermeulen, CEO of Duqm Port, stressed the importance of the port as a multipurpose port with the necessary capabilities to become a pivotal port in the world trade movement.

Ali Shah, chairman of Wanfang Oman Company, reviewed the projects to be established by the company, which is supported by the Ningxia Region, stressing that the Sino-Omani Industrial City in Duqm welcomes the investment of Chinese enterprises.

The seminar witnessed extensive discussions on the financing of projects and the possibilities of SEZD to enhance the logistics and services provided by SEZAD to investors. The seminar also touched upon investing in the oil and petrochemical industries.