Sunday, June, 23, 2024 04:37:49

The investment will focus on enhancing Oman’s export and regional development.

The Arab Petroleum Investments Corporation (APICORP), a multifaceted development bank, has recently announced a $100 million investment to finance the construction of Oman’s Duqm Refinery. Sources close to the matter state that APICORP will contribute $100 million to finance the refinery, out of which $50 million will be shariah-compliant, and remaining $50 million will be for conventional tranche.

For the record, the Duqm Refinery, situated within the Duqm Special Economic Zone, is a joint venture between Oman Oil Company (OOC) and Kuwait Petroleum International (KPI). As per an official press release, Dr. Ahmed Ali Attiga, CEO, APICORP, said that the company, as a trusted financial partner to the Arab energy sectors, is looking forward to strengthening its existing partnerships with the governments of Oman and Kuwait. He said that the refinery, once operational, will play a key role in enhancing Oman’s exports and will be a significant driver for the region’s development, providing investment opportunities for new related projects.

Mr. Nabil Bourisli, President, Kuwait Petroleum International (KPI) & Chairman of Duqm Refinery, was quoted saying that the company is pleased to work with APICORP on Duqm Refinery. He said that KPI aims to maximize the value of its natural resources and drive the two countries towards increasing their economic potential, leading to stable economic growth.

Sources claim that the recent announcement will further APICORP’s collaboration with Kuwait, a 17% shareholder in APICORP, with a continued partnership in the financing of overseas investments in petrochemical projects like MEGlobal in the Netherlands and Canada, and for Equipolymers in Switzerland and the Nghi Son refinery in Vietnam. Moreover, once completed, the Duqm Refinery will have the capacity to process around 230,000 bpd of crude oil with primary products comprising jet fuel, diesel, naphtha, and LPG, cite sources.