Joint Kuwait-Oman Refinery Expected To Augment Global Oil Market
(MENAFN- Kuwait News Agency (KUNA)) Report by Nasser Al-Ajmi
MUSCAT, Feb 6 (KUNA) -- Oman's Duqm refinery, a joint venture with Kuwait, is considered to be one of the Gulf Arab Sultanate's most promising and significant investment projects, in addition to being a catalyst for an improvement in bilateral relations.
The venture, expected to lure up to USD nine billion worth of foreign investment, is among the Middle East and North African region's most sprawling oil facilities, while it should equip the global market with sublime oil-based products.
The refinery is a state of the art facility with the capacity to churn out some 230,000 barrels per day of renewable energy, according to Kuwait Petroleum Corporation chief executive Shafi Al-Ajmi, citing hydrogen breakthrough technology as among the refinery's most notable features.
Given its proximity to the Arabian Sea, the facility is seen as a "window" for adjacent markets and global shipping routes, added the official, hailing the "multifaceted" nature of the oil-based products there, 73 of which have already been shipped to various locations in the Middle East and beyond since operations started, he said.
Describing the refinery as a "transitional" project, Duqm Refinery and Petrochemicals Industries Company chairman Hilal Al-Kharusi said it would help boost economic cooperation between the two Gulf Arab neighbors, underlining that the facility could pave the way for future economic projects in the region.
Discussing the potential impact the "strategic" facility could have, he said the refinery is tantamount to an "exemplary paradigm" of pan-Gulf Arab relations thanks largely to its ability to transform Kuwait and Muscat into "significant contributors" towards the global energy market, besides keeping afloat fledgling markets across Asia and Africa, he underlined.
State oil giant Kuwait Petroleum Corporation, since its inception in 1983, seeks to boost its "role in the responsible production and distribution of hydrocarbon resources worldwide to foster growth and prosperity," the company says. (end) nfa
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