(MENAFN- Kuwait News Agency (KUNA)) By Muaijel Al-Dhafiri
DUQM, South Oman, April 26 (KUNA) -- Kuwait Petroleum International (KPI) and Oman Oil Company have laid the groundwork for an oil refinery and a petrochemical complex in Oman's Duqm Special Economic Zone.
The launching ceremony was co-patroned by Omani Minister of Heritage and Culture Haitham Al-Said and Kuwaiti Oil Minister Bakheet Al-Rashidi.
Speaking to KUNA following the event, the Kuwaiti minister acclaimed this strategic partnership as a "success story" for Kuwait and Oman, saying it has developed Gulf refining industry from just competition into integration.
The joint venture would serve the Kuwait Petroleum Corporation's 2040 strategy, which is chiefly centered on diversifying income sources and boosting the competitive edge as well as expanding petrochemical industry, he said.
On his part, -- Kuwait Petroleum International (KPI) CEO Nabil Bourisli said the refinery encompasses a secure outlet for Kuwaiti oil and creates economically feasible investment openings. Duqm Refinery will be established in an area spanning 900 hectares and has an initial capacity of 230,000 barrels of oil a day. It will serve local and international markets. (end) ma.mt
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