KUWAIT: Kuwait Petroleum International (KPI) announced on Tuesday that Duqm Refinery, its joint venture with Oman's OQ Group, has successfully passed the Lender Reliability Test, enabling it to secure shareholder guarantees exceeding $4 billion. The CEO of Kuwait Petroleum International, Shafi Al-Ajmi stated to KUNA that this achievement is a testament to the company's fulfillment of all lender requirements, describing it as a pivotal moment in the refinery's operational journey.

Al-Ajmi added that this accomplishment reflects the refinery's readiness and high operational efficiency, achieved just 10 months after the completion of mechanical works, and that the Lender Reliability Test is a crucial step to confirm operational efficiency. He explained that the test ensures the refinery's compliance with operational standards for a sustainable period, affirming its full readiness for commercial operations and fulfilling all contractual obligations.

Al-Ajmi highlighted that this milestone demonstrates the strength of the partnership between KPI and OQ Group, along with the ongoing support for Duqm Refinery's journey to become a regional leader in the energy sector. Duqm Refinery is the first independent commercial refinery in the Middle East with exceptional operational flexibility, setting a model in operational efficiency and industrial excellence. He added that within a short period, the refinery surpassed its design capacity, achieving 110 percent of its intended capacity, increasing production from 230,000 to 255,000 barrels per day and exporting over 4.1 million tons of refined products to global markets.

Passing the lender reliability test reflects Duqm Refinery's operational excellence and its ability to meet the highest international standards, demonstrating the company's commitment to developing advanced energy projects and strengthening its global position. Al-Ajmi praised the support provided by Kuwait Petroleum Corporation (KPC), which was fundamental to Duqm Refinery's success in achieving this important milestone.

Executive Vice President of Manufacturing at Kuwait Petroleum International, Imad Al-Hadlaq expressed the company's pride in this significant achievement, noting that it required exceptional cooperation among all partners, financiers, and suppliers. Al-Hadlaq added that the project faced various challenges and intense scrutiny from financiers, making this accomplishment even more remarkable.

Kuwait Petroleum International, founded in 1983, is a global marketing company and subsidiary of Kuwait Petroleum Corporation, and it operates an extensive network of retail fuel stations and dedicated transport service stations in Europe, with more than 4,700 stations, including over 2,800 in Italy. The company also supplies aviation fuel to global airlines in over 70 airports worldwide and manufactures and markets some of the best-quality lubricants in the world, and it also holds stakes in three global refineries in Italy, Vietnam, and Oman through partnerships with international oil companies.

Duqm Refinery represents the first partnership with Oman and is designed to refine crude oil with a refining capacity of 230,000 barrels per day, it is located in the Special Economic Zone of Duqm in Oman, the refinery's strategic location allows it to supply both regional and global markets with high-quality refined products. The refinery project aligns with Kuwait Petroleum Corporation's strategy to expand refining capacity outside Kuwait, ensuring secure outlets for Kuwaiti crude oil. - KUNA