Kuwait's High Petroleum Commission has confirmed that Kuwait Petroleum International (KPI), a Kuwait Petroleum Corporation (KPC) affiliate, now owns a 50% share of Oman's Duqm refinery, reported Kuwait News Agency.
The Kuwaiti High Petroleum Commission convened a meeting presided over by the prime minister and head of the commission Sheikh Jaber Mubarak Al-Hamad Al-Sabah, where ownership of Oman's key refinery was finalised, oil minister Bakheet Al-Rashidi said in a statement.
The Kuwaiti oil minister touted the Omani Duqm refinery project as a highly lucrative enterprise, saying that the deal with the Omani Oil Company (OOC) would prove equally beneficial for both nations. “This partnership represents a step towards bringing one of the most monumental projects in the region to fruition,” Al-Rashidi said.
Meanwhile, the prime minister expressed hope that the project would help put Oman directly on the path to prosperity. The refinery, run by the joint venture between OOC and KPI, will be able to process 230,000 barrels of crude oil per day and occupy 900 hectares in the Duqm industrial zone, with expected investments of up to $15bn over the next decade.