Duqm – His Majesty Sultan Haitham bin Tarik presided over the opening of Duqm Refinery and Petrochemical Industries Company (OQ8) in Special Economic Zone at Duqm (SEZAD) on Wednesday, in the presence of Sheikh Mishal al Ahmad al Jaber al Sabah, Emir of Kuwait.
Upon arrival at the project site, His Majesty the Sultan and the Emir of Kuwait watched an interactive visual presentation titled ‘Journey of Energy’ presented by a group of young Omanis.
The presentation focused on the various stages of setting up OQ8, the largest joint investment project between Oman and Kuwait with capital exceeding RO3.5bn. The presentation also highlighted the economic importance of the refinery.
Abdulsalam bin Mohammed al Murshidi, President of Oman Investment Authority, delivered a speech in which he said the project reflects the deep-rooted and distinguished relations binding Oman and Kuwait.
The project is a result of collaborative efforts, Murshidi said, pointing out that it is the largest investment project between two countries in the refineries and petrochemicals sector. The foundation stone of the project was laid by His Majesty Sultan Haitham bin Tarik in 2018.
Murshidi informed that the project is the first Gulf refinery to rely on imported crude oil for its operations. It is expected to contribute to raising the total refining capacity of Oman to 500,000 barrels per day, an increase of 230,000 barrels per day.
“In conjunction with the opening of Duqm Refinery, two other projects were completed – the RO196mn investment Marafiq Company project, which supports the refinery in terms of energy and water, and Oman Tank Terminal Company, which supports the refinery’s work in terms of storing oil in Ras Markaz, with an investment of RO200mn,” Murshidi said.
On his turn, Sheikh Nawaf Saud al Nasser al Sabah, CEO of Kuwait Petroleum Corporation, said, “After reaching full commercial operation, the refinery will refine Kuwaiti and Omani crude, achieving the strategic objectives of Kuwait Petroleum Corporation, which stipulates entering into investment opportunities with global partners to develop its refining capacity in promising markets with the aim of reaching a refining capacity of 425,000 barrels per day by 2025.”
This was followed by His Majesty the Sultan and the Emir of Kuwait unveiling the plaque, marking the historic moment of opening Duqm Refinery and Petrochemical Industries Company.
After that, the two leaders toured the main control room of the refinery to learn about its various operations.
Also on the occasion, His Majesty the Sultan and Sheikh Mishal accepted commemorative gifts from the management of Duqm Refinery.
After that, the Emir of Kuwait recorded his comments in the visitors’ register. He appreciated the cooperation of His Majesty, the government and the Omani people, which he described as a translation of Kuwaiti-Omani partnership in serving the interests of the two peoples.
At the conclusion of the opening ceremony, a commemorative photograph was taken of His Majesty the Sultan, the Emir of Kuwait and staff of Duqm Refinery and Petrochemical Industries Company.