Friday, February 23, 2024 | Sha'ban 12, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

A landmark joint venture advancing Gulf economic integration

Set amidst a backdrop of growing economic and trade relations, Duqm Refinery represents an unparalleled investment in the regionDuqm Refinery stands as a testament to the growing economic collaboration and bilateral relations between Oman and Kuwait
The existing industrial cities have witnessed a splendid influx of investments, surmounting an impressive RO 7.3 billion.
The existing industrial cities have witnessed a splendid influx of investments, surmounting an impressive RO 7.3 billion.
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The largest joint venture between two GCC countries, Duqm Refinery, is set to revolutionise the petroleum industry. This landmark project epitomises the convergence of economic interests and underscores the deepening ties between the Sultanate of Oman and the State of Kuwait.


Set amidst a backdrop of growing economic and trade relations, Duqm Refinery represents an unparalleled investment in the region. Backed by OQ — Oman’s global integrated energy group — and Kuwait Petroleum Corporation (KPC), this venture stands as a sterling example of progress and mutual benefit. The official opening will be graced by the esteemed presence of His Majesty Sultan Haitham bin Tarik and His Highness Shaikh Mishal Al Ahmad Al Jaber al Sabah, Emir of Kuwait.


Entering the realm of the Special Economic Zone in Duqm (SEZAD), the Duqm Refinery has captured the attention and admiration of officials and industry leaders alike. Dr Ali bin Masoud al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ), lauds the Royal interest in the projects at SEZAD, acknowledging the pride and honour it instils in all those involved. Serving as a strategic cornerstone, the Duqm Refinery bolsters the nation’s efforts to increase the value of the converting sector and present new investment opportunities for small and medium enterprises in Duqm. Furthermore, its advantageous proximity to Asian and African markets establishes a distinct competitive edge.


Officials have reiterated that the Duqm Refinery stands as a testament to the growing economic collaboration and bilateral relations between Oman and Kuwait. Abdulsalam bin Mohammed al Murshidi , Chairman of the Oman Investment Authority (OIA), extols the unlimited support and patronage demonstrated by the two leaders, emphasising the success of this partnership and its potential to inspire further investment ventures. Al Murshidi affirms that the Duqm Refinery represents the largest joint investment in refineries and petrochemicals in the GCC, engendering meaningful economic integration between the two nations while unlocking avenues for wider Arab and foreign investments in Oman.


Highlighting the broader significance of the Duqm Refinery, Shaikh Nawaf Saud al Sabah, CEO of Kuwait Petroleum Corporation (KPC), emphasises the embodiment of economic interests between Oman and Kuwait, unified by their shared heritage. This strategic project not only fortifies the stability of global energy supplies but also augments future cooperation between GCC countries, fostering development and economic initiatives. Aiding in this endeavour is the Sultanate of Oman’s strategic location, facilitating the storage and smooth export of petroleum products to the world market.


From an Oman Vision 2040 perspective, the opening of the Duqm Refinery holds great significance in accomplishing national priorities. Dr Khamis bin Saif al Jabri, Chairman of Oman Vision 2040 Implementation Follow-up Unit, envisions the emergence of Duqm as a premier industrial and economic hub, bolstered by the diverse opportunities created by this project. Furthermore, the priority placed on the private sector, investment and international cooperation aligns harmoniously with the objectives of Oman Vision 2040, all of which will be invigorated by the Duqm Refinery.


The impact of the Duqm Refinery extends beyond its immediate economic importance. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, asserts that Duqm Refinery strengthens Oman’s commitment to economic diversification and the unlocking of new revenue streams.


As a heavyweight industry with high investment value and production capacity, it becomes a catalyst for the industrial sector and stimulates the establishment of transformational industries with substantial added value. Furthermore, the local markets witness a surge in economic activity, as contracts, purchases, and services totalling over $2.4 billion support national companies engaged in construction and supply sectors.


With Duqm Refinery as a shining beacon of economic integration and collaboration, Oman stands as a prime destination for investment, guided by the pillars of Oman Vision 2040. As the Sultanate of Oman hosts three refineries, each playing a vital role in achieving national economic diversification, the significance of this venture becomes impossible to overlook. Not only does it refine oil into high-quality products, employing cutting-edge technologies for environmental preservation, but it also signals a shared commitment to sustainable growth and a brighter future for the Gulf region.


Duqm Refinery serves as an exemplar of inter-Gulf cooperation, fuelling economic integration and strengthening trade relations between Oman and Kuwait. This game-changing venture underscores the imagination, ambition, and unity of purpose demonstrated by these two Gulf states. As the final valves open, the Duqm Refinery unleashes a powerful tide of economic diversification, fostered by investment opportunities, strategic partnerships and shared aspirations for a prosperous future.


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