Kuwait: OQ Group of the Sultanate of Oman and Kuwait Petroleum International (KPI) signed an agreement in Kuwait on February 3, 2026 to develop a petrochemical complex in the Duqm Special Economic Zone. The signing took place on the sidelines of the Kuwait Oil & Gas Show and Conference.
The pact was signed by Ashraf bin Hamad al Maamari, OQ Group CEO and Eng Shafi bin Taleb al Ajmi, CEO — Kuwait Petroleum International.
It underscores the shared commitment of both sides to move forward with the project, reflecting its strategic importance and its role in supporting regional cooperation and enhancing economic diversification efforts, in line with Oman Vision 2040.
Ashraf al Maamari, Group CEO of OQ, stated that the established partnership with Kuwait Petroleum International (KPI) provides a strong foundation for the continued development of this strategic project. OQ Group and KPI possess the capabilities and expertise necessary to propel the project forward, achieving its objectives and enhancing its global competitiveness.
For his part, Eng Shafi al Ajmi, CEO of Kuwait Petroleum International, affirmed the company’s full commitment to this unique project alongside OQ Group as its strategic partner. Describing the project as a key pillar in Duqm’s downstream industrial sector, he added that it embodies the depth of the extended partnership between the State of Kuwait and the Sultanate of Oman, noting that the company continues to work closely with OQ Group to improve the optimal framework for the project and maximise its economic feasibility.
The joint venture is based on integrated regional expertise and established technical and operational capabilities, ensuring its continued development according to the highest international standards. Both sides are committed to providing the necessary resources, while technical teams continue to review the designs to enhance the project's operational efficiency and international competitiveness and to strengthen economic ties in the energy sector between the two countries.
The project will benefit from its strategic location within the Duqm Special Economic Zone and will solidify Al Duqm's position as a global hub for manufacturing industries, accelerating the pace of economic diversification in the Sultanate of Oman.
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