$1b petrochemical plant in Duqm planned
BP is negotiating with the Oman government to build a large petrochemical plant in Duqm, with an envisaged investment of over $1 billion, to manufacture acetic acid using a patented technology.
BP has signed a memorandum of understanding (MoU) with the Ministry of Oil and Gas to build the project, which will be of strategic importance to Oman’s economy, Jamie Bowden, British Ambassador to the Sultanate, told Times of Oman in an exclusive interview.
“With this potential investment, BP intends to build the world’s first acetic acid manufacturing plant using BP’s new SaaBre process. This is a breakthrough process in converting synthetic gas to synthetic acid, which will lead to a reduction in manufacturing costs,” said Bowden, adding that only BP has this technology. “So, Oman can then become the holder of this technology. It (the project) will be the biggest plant of this type in the Middle East.”More