Over $10 billion investment in Duqm by OQ and its partners

Over $10 billion investment in Duqm by OQ and its partners

Muscat: OQ, the global integrated energy group, in collaboration with its partners, has made investments surpassing$10 billion in Duqm. This significant contribution is part of their commitment to leveraging Oman's abundant resources, endorsing the government's economic diversification initiatives, and attracting foreign investments. These investments encompass several major projects. The Duqm Refinery stands out as a joint enterprise between OQ and Kuwait Petroleum International. Additionally, OQ has invested in the Marafiq Company, collaborating with Thailand's Gulf Energy Development Company. Another notable investment is the Ras Markaz Oil Storage Terminal, operated by the Oman Tank Terminal Company (OTTCO). Moreover, OQ invested heavily in the gas supply project from Fahud to Duqm. Hilal Ali Al Kharusi, Chief Executive Officer for Commercial and Downstream at OQ, elaborated, "These investments are a reflection of the government's plans to enhance its economic diversification strategies in alignment with Oman Vision 2040. This vision emphasises the optimal utilisation of Oman's natural resources and the promotion of sustainable development. Furthermore, such investments mark a significant transformation for the industrial sector, contributing immense value to the downstream industries within the Sultanate of Oman." He added to Oman News Agency (ONA) that most of these projects have been successful, with their