Sebacic Oman Company plans to build a $62.7m sebacic acid plant in the Duqm Special Economic Zone on the central coast of Oman.

The firm has signed an agreement with the Special Economic Zone Authority at Duqm (Sezad) to build the facility on a 400,000-square-metre site in the zone, according to a report by Times of Oman.

The sebacic acid product, which will be extracted from castor oil, will be used in a variety of chemicals industries including plastics and pharmaceuticals.

According to the report, Sebacic Oman Company is looking to start a second phase worth $250m within the next five years.