OQ8 to spur growth in Duqm SEZ
Published: 03:04 PM,Apr 22,2024 | EDITED : 07:04 PM,Apr 22,2024
2639486
MUSCAT, APRIL 22
The recent launch of Duqm Refinery (OQ8) not only doubles Oman's refining capacity to 500,000 barrels per day, but also signals a transformative shift in the energy sector and stimulates growth within Duqm's Special Economic Zone (SEZ), according to OQ8 CEO David Bird.
Writing in Duqm Economist, the newsletter of the Public Authority for Special Economic Zones and Free Zones (OPAZ), Bird emphasized the significant influence the company is poised to have on Oman’s economic landscape, particularly through its impact on Duqm.
The doubling of refining capacity represents a transformative leap for Oman's energy landscape, promising not just increased production capacity but also a ripple effect of economic growth and development within the SEZ, said Bird. Supported by substantial investments in local suppliers, talent development, and job creation, OQ8's operations, he said, are set to propel Duqm into a vibrant industrial and economic hub, with far-reaching implications for the region's prosperity.
Furthermore, Bird noted OQ8’s collaboration with OPAZ and integration within the SEZ at Duqm opens doors to downstream investments and attracts diverse sectors, including renewable energy, thereby laying the groundwork for sustainable growth and innovation aligned with Oman Vision 2040.
Beyond economic measures, Bird emphasized OQ8's aim to foster a thriving ecosystem that propels growth and prosperity within the community. He noted that OQ8's operations are instrumental in transforming Duqm into a vibrant industrial and economic hub, with significant investments in local suppliers, talent development, and the creation of valuable job opportunities, underscoring OQ8’s dedication to sustainable community development.
Moreover, Bird highlighted OQ8’s collaboration with OPAZ and integration within the SEZ at Duqm offers strategic benefits, providing unparalleled opportunities for downstream investments and attracting diverse sectors, including renewable energy.
The role of OQ8 as a fundamental component of Duqm’s and Oman’s economic framework, noting its commitment to innovation, sustainability, and prosperity, positioning Oman strategically at the heart of the Gulf Cooperation Countries to meet global energy demands more efficiently and sustainably, Bird reiterated.
Bird pointed out that this $9 billion joint venture between Oman’s OQ Group and Kuwait Petroleum International stands as the most substantial investment in the GCC’s oil sector between two countries.
The recent launch of Duqm Refinery (OQ8) not only doubles Oman's refining capacity to 500,000 barrels per day, but also signals a transformative shift in the energy sector and stimulates growth within Duqm's Special Economic Zone (SEZ), according to OQ8 CEO David Bird.
Writing in Duqm Economist, the newsletter of the Public Authority for Special Economic Zones and Free Zones (OPAZ), Bird emphasized the significant influence the company is poised to have on Oman’s economic landscape, particularly through its impact on Duqm.
The doubling of refining capacity represents a transformative leap for Oman's energy landscape, promising not just increased production capacity but also a ripple effect of economic growth and development within the SEZ, said Bird. Supported by substantial investments in local suppliers, talent development, and job creation, OQ8's operations, he said, are set to propel Duqm into a vibrant industrial and economic hub, with far-reaching implications for the region's prosperity.
Furthermore, Bird noted OQ8’s collaboration with OPAZ and integration within the SEZ at Duqm opens doors to downstream investments and attracts diverse sectors, including renewable energy, thereby laying the groundwork for sustainable growth and innovation aligned with Oman Vision 2040.
Beyond economic measures, Bird emphasized OQ8's aim to foster a thriving ecosystem that propels growth and prosperity within the community. He noted that OQ8's operations are instrumental in transforming Duqm into a vibrant industrial and economic hub, with significant investments in local suppliers, talent development, and the creation of valuable job opportunities, underscoring OQ8’s dedication to sustainable community development.
Moreover, Bird highlighted OQ8’s collaboration with OPAZ and integration within the SEZ at Duqm offers strategic benefits, providing unparalleled opportunities for downstream investments and attracting diverse sectors, including renewable energy.
The role of OQ8 as a fundamental component of Duqm’s and Oman’s economic framework, noting its commitment to innovation, sustainability, and prosperity, positioning Oman strategically at the heart of the Gulf Cooperation Countries to meet global energy demands more efficiently and sustainably, Bird reiterated.
Bird pointed out that this $9 billion joint venture between Oman’s OQ Group and Kuwait Petroleum International stands as the most substantial investment in the GCC’s oil sector between two countries.