Oman Oil Company to develop $6bn refinery complex
Oman Oil Company (OOC) is partnering with Kuwait Petroleum International Ltd (KPI) to develop a refinery complex with an estimated value of $6bn to $7bn
Oman Oil Company (OOC) has announced signing a partnership agreement with Kuwait Petroleum International Ltd (KPI) for the development of a refinery complex.
According to OOC, the planned Duqm Refinery and Petrochemical Complex (DRPC), which has an estimated cost of $6bn to $7bn, is among the most important projects lined up for the Duqm Special Economic Zone in Oman.
Contracts for the project are going to be awarded in the next two months, with the foundation stone to be laid at the end of 2017, Oman News Agency (ONA) reported.
Commenting on the partnership, Dr Mohammed bin Hamad al-Rumhi, Minister of Oil and Gas and chairman of OOC, said: “The signing of the agreement reflects the distinguished ties between the sultanate and Kuwait; and aims to open new horizons for wider economic cooperation to serve the common interests between the two brotherly countries".
He added: “This strategic partnership is an important step towards the development of one of the most promising projects in the energy sector at Duqm Special Economic Zone.
“We hope that Duqm Refinery will act as an essential catalyst for the development of different industrial sectors, as well as contribute to the economic and social development of the sultanate, in general, and the governorate of Al Wusta, in particular".
Eng Isam al-Zedjali, CEO of OOC, meanwhile, revealed that the refinery is expected to be operational before the end of 2020, with a production capacity of 230,000 barrels per day. It will produce a number of key refinery products, including diesel, jet fuel, naphtha, and liquefied petroleum gas.
He also shared that most of the production will be exported and that the project will provide 700 to 800 direct and indirect jobs.