Omani, Saudi firms sign $30 bln in MoUs amid Saudi crown prince's visit

Arab World Materials 7 December 2021 11:52 (UTC +04:00)
Omani, Saudi firms sign $30 bln in MoUs amid Saudi crown prince's visit

Omani and Saudi firms signed 13 memoranda of understanding (MoU) valued at $30 billion, the Saudi state news agency (SPA) reported on Tuesday, as Saudi Crown Prince Mohammed bin Salman sets off on a Gulf tour, Trend reports with reference to Reuters.

Saudi firms and Omani firms owned by Oman's investment authority and the private sector signed 13 MoUs in sectors including energy, renewable energy, pharmaceutical industries and investments in Oman's Duqm area, SPA said.

Oman's state energy company OQ signed an MoU with petrochemicals firm Saudi Basic Industries Corp (SABIC) on developing Oman's Duqm petrochemical complex project, Oman's official media reported on Monday.

OQ also signed an MoU with Saudi Arabia's Aramco Trading Company to explore the storage and trading of petroleum products.

The Omani company, Saudi ACWA Power and Air Products have also sealed an MoU in petrochemicals, renewable energy and green hydrogen sectors.

Oman Minerals Development Company signed an MoU with Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, to assess exploration and development opportunities in the mining sector.

The agreements were announced amid an official visit by the Saudi crown prince, who started a Gulf tour on Monday before a Gulf summit this month.