OQ, the sultanate’s globally integrated energy group, has announced substantial investments surpassing $10 billion in the Duqm region, underlining its commitment to harness Oman’s abundant resources, bolster the government’s economic diversification initiatives, and attract foreign investments.
These notable investments encompass a series of significant projects, including the Duqm Refinery, a major joint venture between OQ and Kuwait Petroleum International. Furthermore, OQ has actively participated in the Marafiq Company, in collaboration with Thailand’s Gulf Energy Development Company.
One of the prominent endeavors is the Ras Markaz Crude Oil Storage Terminal, operated by the Oman Tank Terminal Company (OTTCO). Additionally, OQ has directed considerable investments towards the gas supply project from Fahud to Duqm.
Hilal Ali al Kharusi, CEO for commercial and downstream at OQ, emphasized the strategic importance of these investments, aligning with Oman Vision 2040’s aim to maximize natural resources and foster sustainable development. He underscored the substantial transformation these initiatives bring to Oman’s industrial landscape, significantly enhancing downstream industries within the country.
Highlighting the progress of key projects, Kharusi noted the advanced stages of the trial run for the Duqm Refinery, with initial exports of high-quality diesel meeting global standards.
Addressing the Ras Markaz Crude Oil Storage Terminal, Kharusi emphasized its pivotal role in linking Asian and African markets, detailing its capacity to store and supply crude oil for the Duqm Refinery. He highlighted the project’s significant infrastructure development, aiming to meet both local and global market demands.
With respect to the Marafiq Company, Kharusi emphasized its role as a critical provider of vital utilities, including electricity, water, and sewage treatment within the Special Economic Zone at Duqm. The company has successfully completed the development of a robust power and water plant, catering to substantial power and water production requirements.
Kharusi also shed light on OQ’s key investment in the Duqm gas supply station and pipeline infrastructure, emphasizing its advanced automated control systems and expansive capacities to support future developments in the region.
These extensive investments underscore OQ’s strategic commitment to bolstering Oman’s economic growth, fostering industrial development, and positioning the country as a key player in the global energy landscape.
