Meethaq hosts MoU between Bauer Nimr and Sebacic Oman

Muscat: Marking a unique collaboration aimed at enhancing in-country value and sustainable development, a memorandum of understanding (MoU) was recently signed between Bauer Nimr and Sebacic Oman under the auspices of Talal Al Rahbi, deputy secretary general of the Supreme Council for Planning.
Meethaq Islamic Banking hosted the MoU signing ceremony at Bank Muscat head office, in the presence of dignitaries, including Raoul Restucci, managing director of Petroleum Development Oman, and senior officials representing the two companies. Pradeep Kumar Nair, chief executive officer of Sebacic Oman, and Ernst Grissemann, chief executive officer of Bauer Nimr, signed the MoU.
Bauer Nimr started operations in Oman in 2010 with a 20-year contract from Petroleum Development Oman (PDO) for treatment of oil contaminated water from oil extraction activities in some oil fields operated by PDO.
Sebacic Oman is a joint venture between Hilal bin Khalid Al Maawali and Indian promoter Pradeepkumar Nair, currently building the world’s biggest plant for Sebacic production in Duqm Free Zone.
Sebacic is used for making high performance bio-nylons, bio-plastics, engine oil and lubricants, adhesives and engine coolants amongst various applications, manufactured from castor oil (vegetable oil).
As a strategy to secure raw material in Oman, Sebacic Oman started promoting contract farming of castor in various regions of the Sultanate. The MoU entails growing castor with the saline waste water from Bauer at their Nimr facility. The partnership between Bauer Nimr and Sebacic Oman marks a new milestone in achieving in-country value and bio-diversity.
Hilal Bin Khalid Al Maawali, chairman of Sebacic Oman, expressed satisfaction in signing the MoU with Bauer Nimr and said that the partnership confirmed the company’s commitment to contribute towards the blessed Renaissance established by His Majesty Sultan Qaboos bin Said.
The partnership complements the strategic aim of Sebacic Oman to create the supply chain of export-orientated products within the Sultanate, he added.
Ernst Grissemann, CEO of Bauer Nimr, said the MoU to reuse the treated effluents would conserve precious water and complements Bauer Nimr’s commitment to create in-country-value. The joint undertaking proves Bauer’s investment in the Sultanate as an important step for the German company which would encourage more international investors to consider investment opportunities in Oman, he added.
Sulaiman Al Harthy, deputy chief executive officer – Islamic Banking, said: “Against the backdrop of Oman’s strategic economic diversification programme and the emergence of Islamic financial services industry, Meethaq is proud to join hands with Sebacic Oman as part of its commitment to facilitate attractive investment opportunities for local and foreign investors. Meethaq recognises the immense investment prospects and potential that Oman offers and is committed to supporting the strategic national initiative aimed at attracting investments in line with Oman's Vision 2040 economic blueprint.”
“Meethaq Islamic Banking is confident that the MoU between Bauer Nimr and Sebacic Oman will further consolidate the operations of both the companies in contributing to sustainable economic development in Oman. The synergy between Bauer Nimr and Sebacic Oman creates a role model for sustainable development and diversification of Oman’s economy,” added Sulaiman Al Harthy.