Duqm Refinery Constitutes Largest Investment of its Kind between Two Gulf Countries

Muscat: A number of ministers stressed that the Duqm Refinery is the largest investment of its kind between two Gulf countries represented by OQ – the global integrated energy group – and Kuwait Petroleum Corporation (KPC). The project is an ideal example of the convergence of economic interests.

Abdulsalam Al Murshidi, Chairman of Oman Investment Authority (OIA), said that the Royal patronage of His Majesty Sultan Haitham bin Tarik and His Highness Sheikh Mishal Al Ahmad Al Sabah, Emir of the State of Kuwait, over the opening of the Duqm Refinery, the largest joint venture between the two countries, embodies the unlimited support of the two leaders for investment and economic partnership between the two countries. “We are proud of the success of this partnership, the level it has reached, and the incentive it offers for other investment partnerships,” he added.

Al Murshidi pointed out in a statement to Oman News Agency (ONA) that the Duqm Refinery in the Special Economic Zone in Duqm (SEZAD) is the largest joint investment between two GCC countries in the refineries and petrochemicals sector. This project, he noted, culminates the bilateral relations between the two countries, embodies the depth of the economic relations between them, and links common interests with more joint investments.

He expressed his aspiration that the Duqm Refinery will open broader prospects for investors from Arab and foreign countries to invest in the Sultanate of Oman, especially in the SEZAD.

He further said that SEZAD now has an integrated infrastructure for investment, in addition to its role as a promising industrial center and enabler around which lucrative opportunities are established in the upstream and downstream industries, petrochemicals and logistics. This reflects additional value to the SEZAD.

For his part, HH Sheikh Nawaf Saud Al Sabah, CEO of Kuwait Petroleum Corporation (KPC), said that the refinery is an ideal example of the convergence of economic interests between the two countries, especially since the State of Kuwait and the Sultanate of Oman share a common history and heritage.

He pointed out that the success of this strategic project will enhance the prospects for future cooperation between the GCC countries in development and economic projects that contribute to the stability of energy supplies to the world.

He added that project of Duqm Refinery provides safe guarantees due to the strategic location of the Sultanate of Oman, which facilitates the smooth storage of petroleum products and their export to the world.

Dr. Khamis Saif Al Jabri, Chairman of Oman Vision 2040 Implementation Follow-up Unit, said that the opening of the Duqm Refinery aims to achieve a set of national priority goals for Oman Vision 2040, especially in the economic and development axis.

He added that the Duqm Refinery is one of the largest projects that will make Duqm one of the largest industrial and economic centers in the region, and one of the most prominent development tributaries in the Sultanate of Oman.

He explained that this project offers diverse direct and indirect opportunities for growth and development projects related to the refinery.

He added in a statement to ONA that the priority of the private sector, investment and international cooperation is one of the priorities of Oman Vision 2040, which the project will contribute to achieving its goals.

He pointed out that the Duqm Refinery is a joint project between the Omani OQ Group and the KPC, and the largest investment project between two Gulf countries in the refinery and petrochemical sector. The project contributes to the development of a large number of local small and medium enterprises by assigning contracts for the supply of goods and services to the refinery.

He affirmed that the refinery generates a large number of direct and indirect job opportunities as well as training opportunities coupled with employment. This reflects positively on the priority objectives of the labour market and employment, and contributes to building empowered national capabilities.