Kuwait Petroleum signs MoU with Oman Oil Company to invest in Duqm Refinery and Petrochemical Complex
Oman Oil Company (OOC) and Kuwait Petroleum Corporation’s international subsidiary Kuwait Petroleum International (KPI) have signed a Memorandum of Understanding (MoU) to cooperate in the development of Duqm Refinery and Petrochemical Complex.
The complex is located at the Duqm Special Economic Zone (SEZ) in Oman’s Al Wusta Governorate.
The MoU was signed by Hilal Al-Kharusi, acting executive managing director of Duqm Holding of behalf of OOC and Bakheet Al-Rashidi, CEO of Kuwait Petroleum International at Crown Plaza Hotel in the Duqm Economic Zone.
OOC CEO Isam Al Zadjali said: “OOC is keen on partnering with strategic companies to help develop promising projects, and continues to play a significant role in developing and diversifying the regional and national economy.”
“We look forward to a successful partnership with Kuwait Petroleum International to continue envisioning and developing joint investment projects, serving mutual interests. We also hope that this partnership will bring about new opportunities and prospects in the energy related sector.”
KPI CEO Bakheet Al-Rashidi said: “In addition to the local Omani rich experience in the oil related industries, KPIs ample international experience in mega refinery and petrochemical projects, which KPI will cross fertilise and bring about to the Duqm Project from its European and Asian operations, will further support and guarantee the success of the project and create a pool of regionally trained work force for this project and future projects in the oil industry.”
Duqm Refinery project holds strategic maritime importance due to its location.
Located in the path of international shipping lines of Indian Ocean through the Arabian Sea, it receives a competitive advantage and simplifies the process of transport in and out of the region.
After completion, the refinery can serve local and international markets by processing 230,000 barrels of crude oil per day.
Duqm Refinery can become one of the main reasons to drive the growth of the special economic zone. It will encourage new development opportunities for new projects associated with this refinery.
Image: Oman Oil Company signed a MoU with Kuwait Petroleum International. Photo: Courtesy of Oman-oil.com