Oman Wanfang plans OMR400m infrastructure investment in Duqm
Oman Wanfang will invest in infrastructure and utilities, including roads, power, water projects and for building warehouses, said Lee Chee Khian, chief executive officer of the Special Economic Zone Authority Duqm (Sezad).
He added that major roads have already been developed by Sezad and now Oman Wanfang has to build access roads within the zone. Sezad has already invested heavily in developing roads, water and sewage network.
Khian further said the design for the China Oman Industrial Park is complete now.
He also noted that the projects, which are planned within the industrial park, will be completed within four to five years. As much as 30 to 40 per cent of the land has been allocated to 10 Chinese firms that signed land lease agreements with Oman Wanfang last month.
These projects, which are expected to change the face of Duqm as a major manufacturing and trans-shipment hub, range from a $2.3 billion methanol venture to a $406 million-power project and a five-star hotel.
“(Some more) New projects will come to Duqm in the coming months,” said Khian.
He added that Duqm offers several competitive advantages for Chinese companies, which include political stability, strategic location for exporting goods and attractive tax incentives.
Considered as the biggest investment in Duqm, the China-Oman Industrial Park is one of the leading overseas industrial parks promoted by the National Development and Reform Commission and the Ministry of Commerce in China.
Among the major Chinese projects, a methanol venture with a capacity to produce 10 million tonnes will be developed by Mingyuan Holdings Group Co. Ltd. The company will use natural gas supplied by the Oman government as feedstock for producing methanol.
Another major power project to generate 300 megawatts of electricity will be set up jointly by two Chinese firms—Hebei Electric Power Design and Research and Ningxia Electric Power Design Institute. The capital expenditure for the project, which will have two power units, is estimated at $406 million.
Also, a five-star hotel, which will have a gross floor area of 50,000 square metres, is planned for Duqm by Ningxia Residence Construction Development (Group) Co. Ltd.
Similarly, Ningxia Zhongke Jiaye New Energy and Technology Management Company is planning to establish a major solar equipment manufacturing base with an estimated capital expenditure of $94 million, while Wuhan Xiao Long Auto-Tech Co. Ltd. plans to build a high-mobility special utility vehicle (SUV) project with an estimated investment of $84 million.