Muscat: Construction work on one of Oman’s biggest projects, the $7 billion Duqm Refinery venture, officially kicked off with the two joint venture partners — Oman Oil Company (OOC) and Kuwait Petroleum International (KPI) — marking the groundbreaking ceremony.
The ceremony was held at the project site under the auspices of Sayyid Haitham bin Tareq al Said, Minister of Heritage and Culture.
The greenfield project, with a capacity to process 230,000 barrels per day (bpd) of crude, has been billed as the largest cross-border GCC investment in the downstream sector. A major petrochemical complex is envisioned downstream of the refinery project.
Oman Oil Company SAOC (OOC), the Sultanate’s investment arm in the energy and energy related sectors, and Kuwait Petroleum International Ltd (KPI), the international subsidiary of Kuwait Petroleum Corporation (KPC) signed the project contracts on April 10.
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