OMAN – Omani and Saudi firms signed 13 memoranda of understanding (MoU) potentially valued at more than $10 billion, Omani official media reported on Monday, as Saudi Crown prince Mohammed bin Salman sets off on a Gulf tour.
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.
OQ also signed and 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.
A number of Omani companies, owned by Oman Investment Authority and the private sector, also signed MoUs with Saudi counterparts for joint work on projects, Oman’s state media reported,
The agreements were announced ahead of an visit by Saudi crown prince, who starts a Gulf tour on Monday before a Gulf summit this month.