Oman's SOHAR Port and Freezone unveiled a momentous development on Saturday by announcing the signing of a sub-usufruct agreement with Universal FINE Chemicals SPC. This agreement sets the stage for the establishment of what will be the world's second-largest polymer manufacturing plant within SOHAR Port, with an impressive total investment commitment of $300 million.

A press statement issued by SOHAR Port and Freezone provides a glimpse into this groundbreaking project. While specific details about the plant's capacity are not disclosed in the statement, it is clear that this endeavor will occupy a significant land area of 240,000 square meters within the Port's Petrochemical Cluster. The primary focus of this manufacturing facility will be the production of polyacrylamide (PAM) and related monomers.

Polyacrylamide, a versatile chemical compound, finds application in various industries and sectors, making it a highly valuable product. Its uses extend to enhanced oil recovery, water treatment, the paper industry, agriculture, and numerous other applications. As emphasized in the statement, the scope of this ambitious project encompasses targeting markets not only within the Gulf Cooperation Council (GCC) but also in North and South America and the European Union.

The signing of this pivotal agreement took place with due ceremony and in the presence of key stakeholders. Emile Hoogsteden, the CEO of SOHAR Port, and Echo Liu, the CEO of Universal FINE Chemicals SPC, affixed their signatures to the agreement. This momentous event was graced by the presence of Sayyid Faisal bin Turki Al Said, who serves as the Chairman of Universal FINE Chemicals SPC and took place under the esteemed patronage of Dr. Said bin Mohammed Al Saqri, the Minister of Economy for the Sultanate of Oman.

This landmark initiative not only underscores the commitment of SOHAR Port and Freezone to fostering industrial and economic growth but also highlights the growing significance of Oman as a hub for innovative manufacturing ventures. The substantial investment, coupled with the ambitious scope of the polymer manufacturing plant, is poised to contribute significantly to the economic landscape of Oman and beyond.

The signing of the sub-usufruct agreement between SOHAR Port and Freezone and Universal FINE Chemicals SPC signifies a monumental step towards the establishment of the world's second-largest polymer manufacturing plant. With a substantial investment of $300 million, this project holds great promise. While the precise production capacity is not disclosed, the project will encompass a vast land area within SOHAR Port and focus on the production of polyacrylamide and related monomers. This versatile compound has applications across several industries, promising a wide range of market opportunities in the GCC, North and South America, and the European Union. The presence of key dignitaries during the agreement signing underscores the significance of this endeavor and its potential to further strengthen Oman's role in the global manufacturing landscape.