$2.7bn project launched to boost refining capacity
The Sohar Refinery Improvement Project to help raise its crude oil processing capacity by 82,000 barrels per day
SOHAR: Oman Oil and Orpic Group have officially launched one of their strategic growth projects; the Sohar Refinery Improvement Project (SRIP), under the patronage of Dr. Mohammed bin Hamad Al Rumhy, Minister of Oil and Gas, Chairman of the Oman Oil and Orpic Group.
The $2.7 billion worth project is one of the key building blocks of the Group’s investment assets as it is contributing to boost its crude oil processing capacity by 82,000 barrels per day, increasing the total capacity of the Sohar Refinery from 116,000 barrels per day to 198,000 barrels a day.
Dr. Al Rumhy pointed out, “The project represents an economic and strategic importance for the refinery sector and the petroleum industries in the Sultanate.
“It reflects the untiring efforts exerted by the Group and its contribution to the economic and investment development of the Sultanate, as well as the commercial return achieved by the project, which will have a positive impact on many important areas related to the national economy, particularly maximising the in country value opportunities, creating more jobs and supporting small and medium enterprises”.
On his part, Mus’ab bin Abdullah Al Mahrouqi, Chief Executive Officer (CEO) of Oman Oil and Orpic Group said that the project to improve the Sohar Refinery comes in response to a number of factors, the most important of which are the changes in the characteristics of Omani crude oil and the increasing demand for petroleum products in the Sultanate.
Maximising return
Al Mahrouqi said that the Sohar Refinery Improvement Project reinforces the Group’s aspirations to manage 1 million barrels of oil equivalent per day, in addition to raising the value added of at least OMR9.6 per barrel in the downstream industries managed by the Group in line with the Sultanate’s vision and direction to handle crude oil more effectively to maximise the return from it.
Ahmed bin Saleh Al Jahdami, Chief Executive Officer (CEO) of Downstream at Oman Oil and Orpic Group, said: “The project reflects the clear vision, sound planning and excellence in implementation at all levels and stages of the work through the national capacities that have worked and formed the main success pillar of this project.