Oman, Kuwait to Sign Deal for Duqm Refinery

Source: Times of Oman 4/1/2017, Location: Middle East

Kuwait will sign a partnership agreement with Oman for Duqm refinery near the port in the Al Wusta region on April 10, Kuwait's oil minister said. The 230,000 barrel per day facility is part of the vast industrial zone that is Oman's biggest single economic project and aims to diversify its economy away from oil.

Kuwait Petroleum has shown interest in developing the refinery on a 50:50 equity joint venture with Oman Oil Company, after Abu Dhabi’s International Petroleum Investment Company backed out from the project.

The finance for the project will be arranged in such a way that 60 per cent will be equity and 40 per cent project finance. The debt will be mostly from international banks and from export credit agencies, Isam Al Zadjali, chief executive officer of Oman Oil Company, recently told journalists.

According to an earlier report, a 900-hectare site has already been allocated for the project and the leveling has been completed as per schedule.

The project will be the catalyst and ignition towards the start of similar projects in the energy field between GCC countries where this mega project will ultimately transfer Duqm area into one of the most important hubs for energy related industries regionally as well as internationally.

Duqm Refinery project is located in the special economic zone in Duqm in Al Wusta region. This gives the project a strategic sea port location and a competitive advantage being in the path of international shipping lines in the Indian Ocean and the Arabian Sea, thus easing the process of transport in and out of the region.

The refinery once completed will have a capacity to process 230,000 barrels of crude oil per day, which will serve both local and international markets.

The Duqm Refinery and Petrochemical Industries Company was founded in 2012 as a joint venture between Oman Oil Company (OOC) and the International Petroleum Investment Company (IPIC). However, later on IPIC decided to back out from the project.

Duqm Refinery will be one of the growth engines for the special economic zone. It will provide development opportunities for new projects that will directly and indirectly interface with the refinery.


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