European investors finance Oman’s first methanol plant
The Omani-based Omar Zawawi Establishment (Omzest) recently signed a Memorandum of Understand (MoU) with Germany’s Ferrostaal Industrial Group and a Dutch firm to establish a methanol production plant in the Sohar Industrial region, 200 kilometers outside of Muscat, reported KUNA. Production is expected to go on stream by mid 2005.
The plant’s annual target production will be approximately 5,000 cubic tons of methanol. The two European investors have stated that they will purchase and market the plant’s product. Details on the cost of construction have yet to be released.
The project is in line with Oman’s plan to diversify its economy away from oil and gas. Oman produces 900,000 barrel of oil per day, which currently provides 65 percent of its overall national income.
Omzest is one of the biggest business groups in Oman with more than 70 companies operating in diverse business fields including manufacturing, trading and agency representation, banking, finance and insurance, shipping, travel and tourism. — (menareport.com)
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