Duqm Refinery…the largest investment of its kind between two Gulf countries

Duqm Refinery…the largest investment of its kind between two GCC countries

Muscat: A number of Their Highnesses and Excellencies the ministers confirmed that the Duqm Refinery is the largest investment of its kind between two Gulf countries represented by OQ – the global integrated energy group – and the Kuwait Petroleum International Company, and an ideal example of the convergence of economic interests.

His Excellency Abdul Salam Al-Murshidi, Chairman of the Oman Investment Authority, said that the honor of His Majesty Sultan Haitham bin Tariq the Great, may God protect him and his brother His Highness Sheikh Mishal Al-Ahmad Al-Sabah, Emir of the State of Kuwait, with the opening of the Duqm Refinery, the largest joint investment project between the two countries, embodies the unlimited support of His Majesty. His Highness, may God support them, for the investment and economic partnership between the two brotherly countries, of which we are proud of its success and the level it has reached, and the incentive this represents for other investment partnerships.

His Excellency added in a statement to the Oman News Agency that the Duqm Refinery in the Duqm Special Economic Zone is the largest joint investment between the countries of the Gulf Cooperation Council in the refineries and petrochemicals sector. It 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.

His Excellency Abdul Salam Al Morshedi expressed his aspiration that the Duqm Refinery will open broader horizons for investors from sisterly and friendly countries to invest in the Sultanate of Oman, especially in the Duqm Special Economic Zone, which now has an integrated infrastructure for investment, in addition to its role as a promising industrial center and enabler around which promising opportunities are established in the upstream industries. Downstream, petrochemicals and logistics, which reflects additional value to the Duqm Special Economic Zone. For his part, His Highness Sheikh Nawaf Saud Al-Sabah, CEO of the Kuwait Petroleum Corporation, 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 sister Sultanate of Oman have a common history and heritage.

His Highness pointed out that the success of this strategic project would enhance the prospects for future cooperation between the countries of the Gulf Cooperation Council in development and economic projects that contribute to the stability of energy supplies to the world, and provide 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.

His Excellency Dr. Khamis bin Saif Al Jabri, Head of the “Oman 2040” Vision Implementation Follow-up Unit, explained that the opening of the Duqm Refinery comes to achieve a set of national priority goals for the “Oman 2040” Vision, especially in the economic and development axis, as it is one of the largest projects that will make Duqm one of the largest centers. Industrial and economic in the region, and one of the most prominent development tributaries in the Sultanate of Oman, with the growth and development opportunities it provides for projects directly and indirectly related to the refinery.

He added in a statement to the Oman News Agency that the priority of the private sector, investment and international cooperation is one of the priorities of the vision, which the project will contribute to achieving its goals, as it is a joint project between the Omani OQ Group and the Kuwait Petroleum International Company, and the largest investment project between two Gulf countries in the refinery and petrochemical sector that contributes to the development of a large number From local small and medium enterprises by assigning contracts for the supply of goods and services to them.

His Excellency said that the refinery provides a large number of direct and indirect job opportunities, and training opportunities coupled with employment, which reflects positively on the priority objectives of the labor market and employment, and contributes to building empowered national capabilities.

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