Through the agreement that was signed remotely due to the Covid-19 pandemic, MADAYN aims at financing, developing, operating and attracting investments to the industrial city located in the south within PDO's concession area, which is 800 km away from the capital Muscat.
The agreement was inked by Hilal bin Hamad Al Hasani, Chief Executive Officer of MADAYN, and Raoul Restucci, Managing Director of PDO.
Hilal Al Hasani, CEO of MADAYN, stated that this memorandum of cooperation comes as a continuation of MADAYN’s medium and long-term expansion plans through establishing industrial cities, and hence undertake efforts along the lines of the government’s future directions based on active cooperation and partnership with the private sector to achieve comprehensive and sustainable economic and social development in the sultanate.
“This cooperation also comes in line with MADAYN’s adopted PPP approach in the field of constructing, managing and operating industrial and economic areas,” Al Hasani said, adding: “The industrial city in Marmul is expected to focus mainly in attracting investments in the oil and gas sector. In accordance with the Royal Decree no. 32/2015, MADAYN has the role of developing and operating industrial cities in the Sultanate, attracting industrial investments and providing continued support through regionally and globally competitive strategies.”
On his part, Raoul Restucci, Managing Director of PDO, said: “We look forward to cooperating with MADAYN in this strategic project. The goal of the industrial and logistics complex in Marmul is to accelerate the development of local manufacturing capabilities while expanding supply chains, which shall support our activities in the southern concession area. Bringing these vital operations closer to our fields will play a role in reducing response time and costs, providing efficiency gains and help improving safety performance.”
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