Muscat – The inauguration of the Duqm Refinery in the presence of His Majesty Sultan Haitham bin Tarik and Sheikh Mishal al Ahmad al Jaber al Sabah, Emir of Kuwait, marks a significant leap in Oman’s pursuit of economic diversification and attracting foreign investment.
The opening, as highlighted by H E Qais bin Muhammad al Yousef, Minister of Commerce, Industry, and Investment Promotion, underscores the commitment to realising Oman Vision 2040, which focuses on broadening the economic base and diversifying income sources.
In a statement to ONA, the minister emphasised the strategic importance of the refinery within the Special Economic Zone at Duqm, anticipating the inauguration to spur further investments, especially in the petrochemical sector, leveraging the refinery’s outputs.
“The Duqm Refinery is seen as a cornerstone for the industrial sector in Oman, representing a significant venture in terms of investment magnitude and production capability.”
The refinery has already catalysed the development of high-value manufacturing industries, thereby enriching the local economy through contracts and procurements totalling over US$2.4bn, with Omani construction and supply companies reaping substantial benefits.
Highlighting the project’s significance, Yousef said that the venture serves as a blueprint for future investments across various economic sectors, underscoring the strategic cooperation between Oman and Kuwait.
Adding to the sentiment, Abdulsalam al Murshidi, president of the Oman Investment Authority, described the Duqm Refinery as the GCC’s largest joint investment in the petrochemical sector.
Murshidi expressed optimism that the refinery would attract further investments from regional and international investors, particularly to SEZAD, which boasts comprehensive infrastructure and prospects as an industrial hub.
“The refinery’s operation is expected to spur growth in upstream and downstream industries, petrochemicals, and logistics, thereby adding significant value to SEZAD’s industrial and investment landscape.”
Yousef further noted that, alongside the Duqm Refinery, Oman prides in having three other refineries: Sohar, Mina al Fahal, and Salalah. These facilities are significantly contributing to the country’s economy, investments and social fabric; besides bolstering the national strategy of revenue diversification.
These refineries, employing cutting-edge technologies, are dedicated to refining and processing oil into high-quality products, with a keen focus on health and environmental protection in alliance with relevant authorities, he added.
The inauguration of the Duqm Refinery is not just a testament to Oman’s industrial growth but also a beacon of the sultanate’s evolving economic landscape, promising a sound future.