Oman- UK agency to provide financing for suppliers of Duqm r...| MENAFN.COM

Tuesday, 25 January 2022 02:57 GMT

Oman- UK agency to provide financing for suppliers of Duqm refinery


(MENAFN- Muscat Daily) Muscat- A UK government agency, dedicated for export promotion, is looking to provide financing support to the British firms participating in the development of Duqm refinery project in Oman.

'UK Export Finance (UKEF) is planning to support the project. It is working with
Duqm Refinery and Petrochemical Industries Company and EPC contractors to finance the design and build of the refinery', the agency said in a statement on its website.

Inviting local UK companies to avail the benefit, the statement said: 'When UKEF provides finance for overseas projects like this a large proportion of this finance is used to purchase from UK suppliers. This is your opportunity to find out how to bid for contracts for this project'.

UKEF's main objective is to ensure that no viable UK export fails for lack of finance or insurance, while operating at no net cost to the taxpayer, as per its website. According to UKEF website, over 170 companies have registered with them to avail the finance facility.

As per data available, Duqm refinery and petrochemicals project will have a capacity to refine 230,000 barrels per day. It is one of the most important industrial projects in the Special Economic Zone in Duqm (SEZD). The project will transform the SEZD into one of the key industrial and economic hubs in the sultanate and a nucleus for petrochemical industries in the future.

Last year, Oman Oil Co signed a joint venture agreement with Kuwait Petroleum International (KPI), a subsidiary of Kuwait Petroleum Corporation, for developing the Duqm Refinery and Petrochemical Complex with an investment of around US$7bn.


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