A Dalian-based company plans to build a petrochemical project with total investment of about $2.8 billion at a China-Oman industrial park in Oman.

The plan was revealed during a promotion of Oman's Duqm Special Economic Zone held on Sunday in Dalian, Northeast China's Liaoning province.

Dalian Mingyuan Holdings Group Co Ltd has signed an investment agreement with the Duqm Special Economic Zone to build a 10 million-ton project to manufacture olefin with methanol.

The first phase of the project is expected to invest about $2.8 billion and generate 1.8 million tons of olefin annually. The annual production value could reach $919 million.

According to Dalian Daily, the production will provide lower cost raw materials to the company's petrochemical bases at the Dalian Changxingdao Economic Zone.

The company is actively cooperating with counterparts from countries and regions participating in the Belt and Road Initiative through using low-cost oil and gas resources in the Middle East, expanding overseas raw materials and markets for products, as well as outputting advanced manufacturing capacity.

Statistics from Oman's National Center for Statistics and Information show the country exported 308 million barrels of crude oil in 2015 and more than 77 percent was exported to China.

Located in the middle region of Oman, the Duqm Special Economic Zone covers an area of 2,000 square kilometers. It is positioned by the government to be a free trade zone, enjoying favorable policies in tax, foreign investors' access, factors relating to production prices, trade facilitation, and other competitive advantages.