Kuwait Petroleum replaces IPIC in Duqm refinery and petchems project

摘要

Oman Oil Co. (Muscat), the country’s investment arm in the energy and related sectors; and Kuwait Petroleum International (KPI; Kuwait City), the international subsidiary of Kuwait Petroleum Corp., have signed a memorandum of understand- ing (MOU) to cooperate in the development of the Duqm refinery and petrochemical complex. The project is in the spe- cial economic zone (SEZ) at Al Duqm, in the southeast of Al Wusta Governorate of Oman. This gives the project a strategic maritime location in the path of international shipping lines in the Indian Ocean and the Arabian Sea. The refinery will have a throughput capacity of 230,000 bbl/day of crude oil and serve both local and international markets. Under the MOU, each partner will own a 50% stake in the venture. A 900-hectare site has already been allocated for the project, and the leveling has been completed. A final investment decision is expected by the second quarter of 2017.