Bid & Tender
Kuwait to Sign Partnership Agreement with Oman for Duqm Refinery

Date : Apr 10, 2017

Kuwait will sign a partnership agreement with Oman for the 230,000-barrel-per-day Duqm refinery near the port in the Al Wusta region on April 10, a report said.


Kuwait Petroleum plans to develop the refinery on a 50:50 equity joint venture with Oman Oil Company, added the report.


The finance for the project will consist of 60 per cent in equity and 40 per cent in project finance, with debt coming mostly from international banks and from export credit agencies, said Isam Al Zadjali, chief executive officer of Oman Oil Company.


A 900-hectare site has already been allocated for the project and the levelling has been completed as per schedule, added the report, highlighting that the refinery once completed will have a capacity to process 230,000 barrels of crude oil per day.