Oman Oil Com­pany to partner with KPI for Duqm re­fin­ery

Project to turn area into world’s en­ergy hub: KPC chief

Kuwait Times - - LOCAL -

A mem­o­ran­dum of un­der­stand­ing (MoU) for Oman’s Al-Duqm port project has been signed be­tween Oman Oil Com­pany (OOC) and Kuwait Pe­tro­leum In­ter­na­tional (KPI), Deputy Prime Min­is­ter and Fi­nance Min­is­ter Anas Al-Saleh an­nounced yes­ter­day.

Saleh, who is also Act­ing Oil Min­is­ter, said that the en­deavor is part of ef­forts to bol­ster eco­nomic ties be­tween Kuwait and the Sul­tanate. More­over, he noted that this project rep­re­sents a Kuwaiti foray into in­ter­na­tional oil mar­kets, as he un­der­scored the Al-Duqm port project as a sig­nif­i­cant and lu­cra­tive one.

On the project, with an ex­pected en­ergy ca­pac­ity of 230,000 bar­rels, he said that it also in­cludes oil prod­ucts with com­pet­i­tive prices that meet in­ter­na­tional stan­dards. He also pointed out that this project would be in­stru­men­tal to the de­vel­op­ment of the economies of both na­tions. “This strate­gic part­ner­ship is a suc­cess story for Kuwait and Oman,” he said.

Mean­while, Deputy Chair­man and Chief Ex­ec­u­tive Of­fi­cer of the Kuwait Pe­tro­leum Cor­po­ra­tion (KPC) Nizar Al-Ad­sani said the Duqm Re­fin­ery project would help turn the Omani area into a world hub for en­ergy in­dus­tries. Ad­sani’s press state­ment came af­ter OOC and KPI signed the MoU to co­op­er­ate in the de­vel­op­ment of Duqm Re­fin­ery and Petro­chem­i­cal Com­plex in the Duqm Spe­cial Eco­nomic Zone (SEZ) in Oman’s Al Wusta Gov­er­norate.

He hoped that the project would be the cat­a­lyst and ig­ni­tion to­wards the start of sim­i­lar ones in the en­ergy field be­tween GCC coun­tries, where this mega project will ul­ti­mately lead to­wards trans­form­ing the Duqm area into one of the most important hubs for en­ergy re­lated in­dus­tries re­gion­ally as well as in­ter­na­tion­ally, even­tu­ally lead­ing to a move from classical com­pe­ti­tion be­tween GCC coun­tries to­wards in­te­grat­ing and com­pli­ment­ing each other.

This op­por­tu­nity of­fers an ex­am­ple of the spirit of eco­nomic co­op­er­a­tion be­tween Kuwait and Oman and helps achieve two ma­jor goals, sat­is­fy­ing KPCs strat­egy of in­vest­ing in strate­gic mar­kets, in re­gions that strengthen and con­sol­i­date KPC’s cur­rent mar­kets and build­ing strong eco­nomic ties with a sis­ter GCC coun­try, he added.

In the mean­time, CEO of Kuwait Pe­tro­leum In­ter­na­tional Ltd (KPI) Bakheet Al-Rashidi said that be­sides the lo­cal Omani rich ex­pe­ri­ence in the oil re­lated in­dus­tries, KPI’s am­ple in­ter­na­tional ex­pe­ri­ence in mega re­fin­ery and petro­chem­i­cal projects, which KPI will cross fer­til­ize and bring about to the Duqm Project from its Euro­pean and Asian op­er­a­tions, will fur­ther sup­port and guar­an­tee the suc­cess of the project and will cre­ate a pool of re­gion­ally trained work force for this project and fu­ture projects in the oil in­dus­try.

Rashidi added that the op­por­tu­nity has at­tracted vast lo­cal and in­ter­na­tional at­ten­tion due to its unique na­ture, as well as the ben­e­fits it will bring about to the re­gion and two coun­tries, in ad­di­tion to paving the road for fur­ther co­op­er­a­tion be­tween both coun­tries.

The Duqm re­fin­ery project is situated in the spe­cial eco­nomic zone in Al-Duqm, in the South East Al Wusta Gov­er­norate of the Sul­tanate of Oman. Once ac­com­plished, the re­fin­ery will have the ca­pac­ity to process 230,000 bar­rels of crude oil daily that will serve both lo­cal and in­ter­na­tional mar­kets. The Duqm Re­fin­ery and Petro­chem­i­cal In­dus­tries Com­pany was founded in 2012 as a joint ven­ture be­tween Oman Oil Com­pany (OOC) and the In­ter­na­tional Pe­tro­leum In­vest­ment Com­pany (IPIC).—KUNA

MUS­CAT: Deputy Chair­man and Chief Ex­ec­u­tive Of­fi­cer of the Kuwait Pe­tro­leum Cor­po­ra­tion (KPC) Nizar Al-Ad­sani looks on as OOC and KPI of­fi­cials sign the agree­ment. — KUNA

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