The National cited the state-owned Oman Oil Refineries and Petrochemical Industries (Orpic) official as saying that the government plans to develop the 1.1 million ton per year petrochemical plant in the Sohar industrial zone.
Liwa Plastics, an Orpic project, general manager Henk Pauw said that a total of $600m will be contributed by the government for the $1bn project.
Pauw said: "We are still talking to banks. We have engaged with export credit agencies."
Planned to begin operations in the fourth quarter of 2018, the facility is expected to improve Orpic’s petrochemical output to 1.4 million tons annually.
Currently, Orpic is tendering for engineering, procurement and construction contracts, reported the publication.
Contracts signing and investment approval are scheduled by October 2015 with construction planned to commence in 2016.
