Duqm: His Majesty Sultan Haitham bin Tarik presided over the opening of Duqm Refinery and Petrochemical Industries in the Special Economic Zone of Duqm (SEZAD), in the presence of Sheikh Mishal Al Ahmad Al Jaber Al Sabah, Emir of Kuwait.
When the two leaders arrived at the project’s site, they were received by Sultan bin Salim Al Habsi, Minister of Finance, Dr. Imad Mohammad Al Ateeqi, Kuwait’s Minister of Oil, Abdulsalam bin Mohammed Al Murshidi, Chairman of Oman Investment Authority (OIA), Sheikh Nawaf Saud Al Nasser Al Sabah, CEO of Kuwait Petroleum Corporation (KPC), Eng. Ahmed Hassan Al Dheeb, Deputy Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ) and Mulham bin Basheer Al Jarf, Board Chairman of OQ Group.
His Majesty and the Emir of Kuwait watched an interactive visual presentation titled (Journey of Energy) delivered by a group of young national cadres.
The presentation focused on the stages of setting up the Duqm Refinery and Petrochemical Industries project, to be the largest joint investment project between the Sultanate of Oman and the State of Kuwait, combined between the Omani OQ Group and the Kuwait Petroleum International Company, with a capital exceeding RO 3.5 billion. The presentation also highlighted the economic importance of the refinery.
Meanwhile, Abdulsalam bin Mohammed Al Murshidi, Chairman of Oman Investment Authority gave a speech during which he affirmed that the joint project reflects the deep-rooted and distinguished relations binding Oman and Kuwait.
The project is a result of collaborative efforts from both sides, said Al Murshidi, who pointed out that it is the largest investment project between two Gulf countries in the refineries and petrochemicals sector, at a cost exceeding RO 3.5 billion (USD 9 billion).
He added that the foundation stone of the project was laid by His Majesty Sultan Haitham bin Tarik in 2018.
He stated that the project is the first Gulf refinery to rely on imported crude oil for its operations. He further noted that it is expected to contribute to raising the total refining capacity of the Sultanate of Oman to 500,000 barrels per day, an increase of 230,000 barrels per day.
Al Murshidi concluded: “In conjunction with the opening of the Duqm Refinery, two other projects were completed: The Marafiq Company project, which supports the refinery in terms of energy and water, with an investment amounting to RO 196 million, and Oman Tank Terminal Company, which supports the refinery’s work in terms of storing oil in Ras Markaz, with an investment of RO 200 million.”
On his turn, Sheikh Nawaf Saud Al Nasser Al Sabah, CEO of Kuwait Petroleum Corporation gave a speech during which he affirmed that the commercial operation of the Duqm Refinery – the largest joint Gulf project – indicates the distinguished ties between Oman and Kuwait.
He added: “After reaching full commercial operation of the refinery, It will discharge and refine Kuwaiti crude oil and Omani oil, achieving the strategic objectives of the Kuwait Petroleum Corporation, which stipulates entering into investment opportunities with global partners to develop its refining capacity in promising markets with the aim of reaching a refining capacity of 425,000 barrels of oil per day by 2025”.
He pointed out that today’s celebration is not the last station on the road to success, but rather it is a worthy pause to appreciate the efforts of the male and female workers at the Duqm Refinery to complete the progress.
He further stated: “The challenges facing the oil and gas industry are not easy, the most important of which is the global trend towards energy transformation, which requires working together to ensure the safe and profitable operation of the refinery in order to become a global hub for innovation and leadership in the global refining industry.”
Then, His Majesty the Sultan and the Emir of Kuwait unveiled the curtain, marking the historic moment of opening the Duqm Refinery and Petrochemical Industries.
The Emir of Kuwait signed in the senior visitors’ register. He valued this co-operation of His Majesty, the government and the Omani people, which, he described, translates the Kuwaiti-Omani partnership, especially in investing in the petrochemical industries and crystallises current and common future visions, looking forward to more partnerships that consolidate the advanced relations between the two countries and serve interests of their people.
The ceremony was attended by certain Royal Family members, ministers, the official delegation accompanying the Emir of Kuwait, CEOs of Oman Investment Authority’s firms, CEOs of oil companies, Sheikhs and dignitaries of Al Wusta Governorate.