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According to Hartmut Blankenstein, German Ambassador to Oman, both projects will be completed in 2006. The projects are aimed at reducing Oman's dependence on oil income and are part and parcel of the Sultanate's diversification programme.
The fertiliser project brings together German engineering giant Uhde, which is already involved in another fertiliser scheme in Sur, and Oman's Soheil Bahwan Group. The methanol plant will be set up as a partnership of Germany's Ferrostaal and Oman's Zawwai Establishment.
Both Joint Ventures will be located at the Sohar Industrial Complex, which lies between Muscat and Abu Dhabi.
The announcement was made after three days of work by the Joint Commission of both countries.
A recent high-level German delegation, including more than 40 business executives, focused on the Sultanate's $1.2 billion Sohar refinery project and a $805 million seaside resort on the edge of the capital.
The Wave Resort is to boast a marina, golf course and luxury hotels and apartments, and covers 7.3 kilometres and two million square metres of existing land with another 400,000 square metres to come form reclaimed land.
At a meeting of the delegation with Tourism Under-Secretary Mohsin Khamis Al-Balushi, Ambassador Blankenstein pointed out: 'We welcome new incentives being offered to tourism investors. We hope the Omani authorities will allow also non-GCC citizens to buy and build property in the Wave'.
Germany and Oman agree on JV's
The Oman-Germany Joint Commission has given the green light for a $650 million Joint Venture fertiliser project and a $450 million dollar methanol plant.
Oman: Wednesday, June 02 - 2004 at 10:26
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Wolfram BielensteinWednesday, June 02 - 2004 at 10:26 UAE local time (GMT+4)
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This Article was updated on Friday, October 13 - 2006
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