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Largest investment project between Kuwait and Oman in petrochemicals sector

AL-DUQM, Oman: HH the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah and Omani Sultan Haitham bin Tareq patronized Wednesday the official inauguration of Al-Duqm Refinery and Petrochemical Industries in Al-Duqm. The motorcade of HH the Amir and Sultan Haitham arrived at the refinery, with residents of Al-Wusta governorate welcoming them with folkloric performances.

They were received by Kuwait’s Deputy Prime Minister and Minister of Oil Dr Emad Al-Atiqi, Oman’s Minister of Finance Sultan bin Salem Al-Habsi and senior officials. A film was displayed about the project, considered the largest investment venture in the refinery and petrochemicals sector. The film showed the vital role of Kuwait-Oman partnership in the journey of the refinery.

Head of Oman’s investment authority Abdulsalam Al-Murshidi said the inauguration of Al-Duqm refinery is a continuation of history between Oman and Kuwait, both working in one place, “continuing this historic legacy for the future generations to be a guideline for prosperity and progress”. He said the $9 billion refinery was the largest investment project between two Arab Gulf countries in the refineries and petrochemicals sector.

Murshidi said Al-Duqm refinery was projected to increase Oman’s refining capacity to 500,000 bpd from 230,000 bpd. He said the project was completed despite economic and political challenges. “The determination overcame all obstacles and challenges,” he said, adding the refinery and petrochemical industries are located in Al-Duqm economic zone, which has a unique location and is thus lucrative for investments.

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Murshidi pointed out the establishment of facilities that will support the refinery and petrochemical industries, thanking Kuwait Petroleum Corporation (KPC), Kuwait Petroleum International  (KPI) and Oman’s OQ for their endless efforts that saw the completion of this mega project.

KPC CEO Sheikh Nawaf Saud Al-Sabah said the inauguration of Al-Duqm Refinery and Petrochemical Industries reflects the history between Kuwait and Oman. “The story with you my brothers did not start with Al-Duqm, but with diving ships when our grandfathers went on rough journeys looking for pearls,” he said, and Allah the Almighty rewarded them following decades of struggle.

Al-Duqm refinery, he said, will be processing crude oil from Kuwait and Oman, thus honoring strategic objectives of KPC, according to which the corporation engages in investment opportunities with international partners to boost “our refining capacity in promising markets”.

The aim, said Sheikh Nawaf, is to reach a capacity of 425,000 barrels per day by 2025. Thanks to “cooperation of our brothers in Oman, we achieved this goal ahead of schedule,” he added. He expressed gratitude to all workers who contributed to this success. He said challenges facing the oil and gas industry “are not easy”, foremost being the transformation of energy, which requires safe and profitable operation of the refinery to make it an icon of innovation and excellence in the international refining industry.

HH the Amir Sheikh Mishal and Sultan Haitham raised the curtain on a memorial plaque which marked the inauguration of the refinery. His Highness the Amir and Sultan Haitham were accompanied by Chairman of OQ Group and Deputy Head of Oman Investment Authority Mulhem bin Bashir Al-Jurf to the refinery’s main control room and were briefed about the operations of the refinery. HH the Amir was given a gift on this occasion.

In honor of HH the Amir Sheikh Mishal and his accompanying delegation, Sultan Haitham held a lunch banquet on the Royal Yacht Fulk Al Salamah in Al-Duqm on Wednesday. HH the Amir Sheikh Mishal later departed Oman on Wednesday, concluding his state visit. HH was seen off at the airport by Sultan Haitham and a senior delegation. – KUNA

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