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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Duqm Refinery opens up possibilities for joint ventures in GCC

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Duqm: The inauguration of Duqm Refinery, which will take place in the presence of His Majesty Sultan Haitham bin Tarik and Sheikh Mishal al Ahmad al Jaber al Sabah, the Emir of Kuwait, will be a landmark event in the progress of the energy sector, according to David Bird, CEO of Duqm Refinery and Petrochemical Industries Company (OQ8).


This project testifies to the robust strategic vision for fueling economic growth and efficacy of the cooperation between the State of Kuwait and the Sultanate of Oman, he said in a statement.


David Bird, CEO of Duqm Refinery and Petrochemical Industries Company (OQ8)
David Bird, CEO of Duqm Refinery and Petrochemical Industries Company (OQ8)


The Duqm Refinery will advance socio-economic development and act as an inspiring leader in the energy sector, he pointed out.


The Refinery, one of the state-of-the-art refineries in the Middle East and North Africa, will be a significant contributor to the national economies of both countries and a major player in the global oil sector, Bird affirmed.


The Kuwaiti and Omani cadres represent 60 percent of the workforce of the refinery with plans to raise the percentage to 80 in the coming years.


With workers from 32 nationalities, the Refinery is a unique example of collective action and a positive work environment," the official said.


The project will contribute to economic growth in both countries, attract more investment to the region, and create more job opportunities.


Qais Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, said that the Royal patronage of His Majesty Sultan Haitham bin Tarik and His Highness


Sheikh Mishal Al Ahmad Al Jaber Al Sabah, Emir of the State of Kuwait, over the opening of the Duqm Refinery project reflects interest in investment in the Sultanate of Oman and the keenness to attract investors to achieve the objectives of the Oman Vision 2040. The move aims to enhance economic diversification policies and diversify sources of income.


Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion
Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion


He added in a statement that the Royal presence of the two leaders at this major event will enhance the efforts made to attract investment to the Sultanate of Oman in general and to the Special Economic Zone in Duqm (SEZAD) in particular.


He explained that the opening of the Duqm Refinery will open up investment vistas in other areas based on the refinery’s products. It paves the way for investments in the fields of petrochemicals that maximize the use of the natural resources of the Sultanate of Oman, Al Yousef said.


He pointed out that the Duqm Refinery is a tributary to the industrial sector in the Sultanate of Oman, as it is one of the heavy industries in terms of investment value and production capacity.


He added that the Duqm Refinery also contributes to the establishment of many converting industries with high-added value.


Al Yousef further said that the Duqm Refinery has enriched the local markets through contracts and purchases. The services that were agreed upon amount to more than USD 2.4 billion, and national companies operating in the field of construction and supplies benefited from these services.


The minister stressed that the Duqm Refinery represents the success of the economic partnership with the State of Kuwait to establish this project, which is a model that promotes the establishment of other partnerships for investment in diverse economic sectors.


Al Yousef concluded that the Sultanate of Oman owns three refineries in addition to the Duqm Refinery, (Sohar Refinery - Mina Al Fahal Refinery - Salalah Refinery), noting that everyone is hopeful given the economic, investment, and social importance that such refineries represent for each country.


These refineries are also one of the most important support projects that countries rely on to achieve diversification in national revenues, as these refineries refine and process oil and transform it into high-quality products. These refineries adopt the latest technologies to preserve health and the environment from pollution in cooperation with the authorities concerned.


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