July 23, 2019 / 12:51 PM / 4 months ago

Duqm refinery completes more than 25% of multi-billion dollar project-CEO

DUBAI, July 23 (Reuters) - Oman’s Duqm Refinery has completed more than 25% of a $6 billion refinery project that will be able to process 230,000 barrels of crude per day when finalised, Duqm Refinery and Petrochemical Industries Co’s chief executive said on Tuesday.

The Duqm refinery is run by a joint venture between Oman Oil Company and Kuwait Petroleum International and occupies 900 hectares in Oman’s Duqm industrial zone.

“More than 25 percent of the project has been completed and we will conduct a test run by the end of 2021,” Duqm refinery CEO Salem al Huthaili was quoted as saying by local al-Wisal radio.

The project was financed by 29 financial institutions from 31 countries, al Huthaili said.

Duqm industrial zone is Oman’s biggest single economic project and part of the Gulf Arab Sultanate’s efforts to diversify its economy away from oil revenues.

Reporting by Dahlia Nehme; Editing by Emelia Sithole-Matarise

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