Oman will spend almost $5.2bn on infrastructure work in the Duqm free zone by 2020 as part of its plans to diversify the economy away from oil, The National has reported.
Te special economic zone located in the south will include an oil refinery, a port, an airport and other facilities by the start of phase one in 2020, according to Yahya Al Zadjali, the head of planning and engineering of the Special Economic Zone Authority Duqm.
“Still there is commitment from the government that for all remaining infrastructure there is a budget,” Al Zadjali said.
The 230,000 barrels per day refinery will be operational by 2018. The refinery is a joint venture between the state-owned Oman Oil Company and Abu Dhabi’s government-owned International Petroleum Investment Company (Ipic).
A petrochemicals complex will also be built in the second phase of the refinery. The port’s first phase will have a capacity of 7mn twenty foot equivalent units when it starts operations in 2019.
“There is a lot of interest from international business groups to come and invest due to the infrastructure that has been built by the government and due to the geographical location,” said Al Zadjali.