Oman Oil Co unveils plans for mammoth petrochemicals complex at Duqm SEZ featuring 10 plants

06-Apr-17

Oman Oil Duqm Development Company, (A vertical of the wholly government owned strategic investment group Oman Oil Company), has unveiled plans for the establishment of a mammoth petrochemicals complex at the Duqm Special Economic Zone (SEZ), featuring as many as 10 large-scale plants and involving several billions of dollars in investment, as per zawya.com.

Hilal al Kharusi (pictured), Executive Managing Director, said a dedicated zone earmarked for the sprawling development will host 10 plants producing over 20 products ranging from commodities to specialty products, paving the way for over 30 chemical processing businesses to be set up further downstream of the value chain. The centrepiece of the ambitious development is the Duqm Refinery, a green-field refinery with a capacity to process 230,000 barrels per day (bpd) of domestic and export crude. Oman Oil Company (OOC) and Kuwait Petroleum Corporation are the 50:50 equity joint venture partners in the estimated $6 billion refinery venture. A formal partnership agreement will be signed here in Muscat on April 10, 2017.
“This is the first major cross-country refinery and petrochemical investment in the GCC. It is also the first GCC refinery that will import and export crude and petrochemicals,” he added.