Oman-based Salalah Free Zone (SFZ) has signed a usufruct agreement for the construction of a refinery project in the sultanate at a total investment of $2.5 billion, said a report.
On completion, the refinery will boast a production capacity of 150,000 barrels per day, reported the Muscat Daily.
During the first six months, a total of 11 usufruct agreements had been signed across Oman involving various fields, including carbonated beverages, food industries, solar panels, two gypsum boards factories, support warehouses for import and export, in addition to laying the foundation stone of the plant, the Knowledge Academy for the development of the capabilities of the Omani youth and the pact to set up a sugar factory, it stated.
The refinery will be instrumental in creating 600 job opportunities and will contribute significantly to the national economy, remarked Ali bin Mohammed Tabuk, the chief executive of SFZ after signing the deal with Salalah Refinery CEO Kent J Kabi.
It will also provide business opportunities to vital sectors, such as services and support services. The refinery will supply liquid cargo to be handled through Salalah port, making it one of the most important refineries in the Middle East, he added.