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Kuwait and Oman sign an agreement on the Duqm refinery project

Kuwait Petroleum International (KPI) and Oman Oil Company (OOC) have signed a partnership agreement for the construction of the Duqm refinery and the development of a petrochemicals complex in the Duqm Special Economic Zone (Al-Wusta Governorate, central-eastern Oman).



OOC plans to set the capacity of the Duqm refinery to 230 000 bbl/d. The commissioning is scheduled by 2019. The facilities include the refinery, a 80 km pipeline and a crude storage facility. The crude will be delivered mostly from Kuwait. Kuwait Oil is expected to provide at least 65% of the refinery supplies.



The OOC invited KPI to invest in the US$7bn project and both companies will form a 50/50 joint venture for this purpose. The project will be 35% equity financed by both partners while the remainder will be supported through debt from local and international banks.



KPI is Kuwait Petroleum Corporation international subsidiary while OOC is in charge of investments in energy related sectors for the Sultanate of Oman.

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