Oman Oil Company, the wholly government-owned energy investment arm, is planning to set up an ammonia project that will be developed downstream of its existing methanol plant in Salalah Free Zone, said a report.
This new plan follows the company having recently signed contracts for its $826 million Salalah LPG Extraction Project.
The financial closure for the estimated $750 million ammonia project, part of a trio of OOC-backed energy and petrochemical schemes under various stages of development and operation in the free zone, is currently under way, said Eng Isam al Zadjali, CEO, Oman Oil Company.
He said that the financial closing of the ammonia project is currently in motion and it is an expansion of the methanol project in Salalah.
The LPG extraction venture, according to the CEO, is the first of a sizeable portfolio of new investments currently in hand for development, added the report.