Duqm Refinery, a joint venture between Oman Oil Company (OQ) and Kuwait Petroleum International (Q8), is set to inaugurate on February 7th in the esteemed presence of His Majesty Sultan Haitham Bin Tariq and His Highness the Emir of Kuwait, Sheikh Mishal Al-Ahmed Al-Jaber Al-Sabah.
Situated along Oman’s eastern coastline, Duqm Refinery, also known as OQ8, boasts a daily refining capacity of 230,000 barrels of crude oil. Its strategic location along the coast provides a distinct advantage, granting access to key international maritime routes in the Indian Ocean and Arabian Sea.
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With a total investment of $9 billion, the Duqm refinery is a significant joint venture between Oman’s OQ Group and Kuwait Petroleum International, located within Oman’s Duqm Industrial Zone.
لنا شرف استقبال حضرة صاحب الجلالة السلطان هيثم بن طارق المعظم وحضرة صاحب السمو أمير الكويت الشيخ مشعل الأحمد الجابر الصباح في حفل افتتاح مصفاة الدقم وانطلاقها في خدمة ازدهار عُمان والكويت بالتعاون مع شركائها ومجتمعها، فمصفاتكم تسمو بكم.#نصنع_رخاءً #نبني_إرثًا #افتتاح_مصفاة_الدقم pic.twitter.com/LInGXIryRI
— OQ8 (@thisisoq8) February 5, 2024
The establishment of the refinery aligns with Kuwait’s strategy to refine 425,000 barrels per day (bpd) of its oil abroad. This is in line with the goals of Oman Vision 2040 and New Kuwait Vision 2035.
According to KPI CEO Shafi Taleb Al-Ajmi, the refinery has already exported at least 70 shipments of oil products worldwide.
Largest joint investment in the petrochemical and refinery industry
Abdulsalam bin Mohammed Al Murshidi, president of Oman Investment Authority (OIA), highlighted that OQ8 represents the largest joint investment in the petrochemical and refinery industry between two Gulf Cooperation Council countries. It signifies the deep-rooted economic relationship and shared interests between Oman and Kuwait. He also underlined the role of OQ8’s inauguration in attracting regional and global investments to Oman, particularly in the Special Economic Zone at Duqm (SEZAD).
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