Muscat: The Duqm Refinery and Petrochemicals Industries Company (DRPIC) has announced the suspension of the Front End Engineering Design (FEED) work for its proposed Duqm Petrochemical Project (DPP), as it seeks to assess the impact of COVID-19 on the DPP’s economics.
The Duqm Petrochemical Project (DPP) is the second stage of the integrated refinery and petrochemical complex planned by DRPIC in the Special Economic Zone at Duqm in Oman, which comes as part of the strategic partnership between OQ and Kuwait Petroleum International.
The DRPIC Board concluded that a suspension of the project’s FEED is in the best interests of the company during a time of unprecedented global economic uncertainty due to the impact of the COVID-19 pandemic, depressed demand, and highly volatile commodity prices.
The shareholders intend to reevaluate the project against the current challenging global market environment and to seek opportunities to enhance the value of the Project.
Construction work on the Duqm Refinery project, meanwhile, continues to progress toward completion and the current overall progress stands at 72 per cent.