Duqm Refinery to spur Oman's economic diversification
Published: 03:02 PM,Feb 05,2024 | EDITED : 07:02 PM,Feb 05,2024
Duqm Refinery is a catalyst for the industrial sector in the Sultanate of Oman,
MUSCAT: Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion, stated that the honourable presence of His Majesty Sultan Haitham bin Tarik and His Highness Shaikh Mishal Al-Ahmad Al-Jaber Al-Sabah, Emir of the State of Kuwait, at the inauguration of Duqm Refinery showcases the investment focus in the Sultanate of Oman and the efforts to attract investors to achieve the goals of Oman Vision 2040, aimed at enhancing economic diversification policies and unlocking new revenue sources.
Al Yousef said in a statement to Oman News Agency that the presence of the leaders in patronising this significant event will bolster the efforts to attract investment to the Sultanate of Oman in general, and to the Duqm Special Economic Zone in particular. He emphasised that the opening of Duqm Refinery will open avenues for investment in other areas based on refinery products and pave the way for investments in petrochemicals sectors that maximise the utilisation of Oman's natural resources.
Furthermore, Al Yousef pointed out that Duqm Refinery is a catalyst for the industrial sector in the Sultanate of Oman, as it is considered a heavy industry in terms of investment value and production capacity. Moreover, it contributes to the establishment of numerous transformational industries with high added value. He added that Duqm Refinery has impacted the local markets through contracts, purchases, and services amounting to more than $2.4 billion, benefiting national companies operating in the construction and supply sectors.
The Minister affirmed that Duqm Refinery represents the success of the economic partnership with the sisterly State of Kuwait in establishing this project, which serves as a model for promoting further partnerships for investment in multiple economic sectors.
Additionally, he stated that the Sultanate of Oman now hosts three refineries in addition to Duqm Refinery (Suhar Refinery, Mina Al Fahal Refinery, and Salalah LPG). The importance of such refineries in terms of economic, investment, and social significance for each country is widely recognized. These refineries play a crucial role in achieving national economic diversification as they refine and process oil into high-quality products, while employing state-of-the-art technologies to protect health and the environment in collaboration with relevant authorities. — ONA
Al Yousef said in a statement to Oman News Agency that the presence of the leaders in patronising this significant event will bolster the efforts to attract investment to the Sultanate of Oman in general, and to the Duqm Special Economic Zone in particular. He emphasised that the opening of Duqm Refinery will open avenues for investment in other areas based on refinery products and pave the way for investments in petrochemicals sectors that maximise the utilisation of Oman's natural resources.
Furthermore, Al Yousef pointed out that Duqm Refinery is a catalyst for the industrial sector in the Sultanate of Oman, as it is considered a heavy industry in terms of investment value and production capacity. Moreover, it contributes to the establishment of numerous transformational industries with high added value. He added that Duqm Refinery has impacted the local markets through contracts, purchases, and services amounting to more than $2.4 billion, benefiting national companies operating in the construction and supply sectors.
The Minister affirmed that Duqm Refinery represents the success of the economic partnership with the sisterly State of Kuwait in establishing this project, which serves as a model for promoting further partnerships for investment in multiple economic sectors.
Additionally, he stated that the Sultanate of Oman now hosts three refineries in addition to Duqm Refinery (Suhar Refinery, Mina Al Fahal Refinery, and Salalah LPG). The importance of such refineries in terms of economic, investment, and social significance for each country is widely recognized. These refineries play a crucial role in achieving national economic diversification as they refine and process oil into high-quality products, while employing state-of-the-art technologies to protect health and the environment in collaboration with relevant authorities. — ONA