Kuwait’s KPI, Oman’s OQ and Saudi SABIC ink project development deal

Kuwait’s KPI, Oman’s OQ and Saudi SABIC ink project development deal

KUWAIT: Oman Oil Company (OQ), chemical manufacturing company (SABIC), and Kuwait Petroleum International (KPI), signed a project development deal for a jointly owned petrochemical complex in Omani special economic zone, Duqm.

The agreement aims to develop a petrochemical complex with a steam cracker, derivatives unit and a Natural Gas Liquids (NGL) extraction facility, as reported by a joint statement. The partners confirmed that they will conduct necessary research and utilize their technical and commercial expertise to develop a unique project that is profitable and globally competitive. The deal was signed by OQ executive director, Talal Al-Awfi, SABIC’s executive director Abdulrahman Al-Fageeh and KPI’s CEO Shafy Al-Ajmi. Al-Awfi stated that OQ is proud to be part of this monumental deal, especially as it comes in conjunction with Oman’s 52nd National Day, and the near completion of the OQ8 Duqm refinery. The agreement, Al-Awfi commented, also goes in line with Oman Investment Authority objectives of attracting foreign investments, and achieving Oman 2040 vision through diversification of the economy.

On his part, Al-Fageeh underlined that this agreement enables the delimitation and assessment of ambitious and sustainable growth opportunities by bringing together the capabilities, expertise and technologies of the partners. He added that involvement in this