Oman Oil, KPI sign MoU for development of Duqm Refinery and Petrochem Complex

According to media reports, acting executive managing director of Duqm Holding, Hilal bin Ali al Kharousi on behalf of state-owned Oman Oil Company (OOC) and CEO of Kuwait Petroleum International Ltd (KPI), Bakheet al-Rashidi signed a preliminary memorandum of understanding (MOU) for cooperation in the development of Duqm Refinery and Petrochemical Complex in Oman’s Special Economic Zone in Duqm (SEZD).

Media reports indicated that OOC and KPI are planning to attract major industrial projects to Duqm.

Both companies’ aim is primarily to make a strategic partnership to own, manage and operate a refinery and then build a petrochemical complex in Duqm, according to the agreement. It is reported that OCC and KPI planned to have 50:50 shares in the joint venture company.

For this project, a 900-hectare area has been assigned to the site and the companies have finished the leveling in accordance with the schedule.

It is expected that the parties will take the final investment decision by Q2 of the next year.