Energising The Future

Oman Oil Company and Kuwait Petroleum International signed a JV to set up Duqm Refinery and Petrochemicals Complex at a cost of $7bn. Once completed, the refinery will produce diesel, naphta, liquefied petroleum gas (LPG) and jet fuel.

- Oommen John P

Giving a fillip to industrial development, Oman Oil Company (OOC), the Sultanate’s investment arm in the energy and energy related sectors, and Kuwait Petroleum International Ltd (KPI), the international subsidiary of Kuwait Petroleum Corporation (KPC), recently signed a joint venture agreement for the development of Duqm Refinery and Petrochemical Complex at a cost of $7 bn.

The JV agreement was signed on behalf of OOC by Hilal Al-Kharusi, Executive Managing Director and Bakheet Shabib Al-Rashidi, CEO of Kuwait Petroleum International Ltd (KPI), in the presence of a number of their Excellencies Ministers, Undersecretaries and senior officials. The 230,000 barrels per day capacity refinery, which will be completed in two-years, is one of the most important industrial projects at Duqm Special Economic Zone.