MUSCAT: Investments by Oman’s integrated global energy group OQ and its joint venture partners in Duqm Special Economic Zone amount to over $10 billion, underscoring the government’s efforts to drive economic diversification and attract foreign direct investments.
Benefiting from these investments are the Duqm Refinery (a joint project of OQ and Kuwait Petroleum International), Marafiq (a partnership with Thailand‘s Gulf Energy Development), the Ras Markaz Crude Oil Storage and Export Hub (100 per cent OQ owned), and the Fahud – Duqm gas supply project.
Hilal bin Ali al Kharusi, CEO of Commercial Affairs, Refineries and Petrochemicals at OQ, said: “These investments reflect the government’s plans to expand economic diversification policies in accordance with the “Oman vision 2040”, which aims to optimally exploit natural potential and promote sustainable development. These investments represent a qualitative leap for the industrial sector. Specifically, the manufacturing industries. All projects were successful, their construction stages were completed, and they entered into operations, production, and exports outside the Sultanate of Oman“.
In a statement to ONA, he added: “The economic projects in Duqm - thanks to its proximity to international shipping routes - facilitate access to global markets, contribute to enhancing economic growth, attracting investments and facilitating trade exchange, pointing out that the projects of OQ and its partners reflect the desire to diversify sources of income and increase Exports, and providing means of storage and distinguished services. These projects also work to add value to oil production and expand investment opportunities in the Duqm Economic Zone for the coming periods.”
Approaching commercial launch is Duqm Refinery, trial operation of which is now in an advanced stage, Al Kharusi said. — ONA
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