Kuwait’s High Petroleum Commission announced that Kuwait Petroleum International (KPI) now has a 50% share of Oman’s Duqm refinery. The refinery’s ownership was finalized during a Comission’s meeting, Oil Minister, Bakheet Al-Rashidi, stated, according to Kuwait News Agency (KUNA).

The refinery’s transaction will benefit the Kuwaiti and Omani nations, Al-Rashidi stated, adding that “this partnership represents a step towards launching one of the most monumental projects in the region,” Kuwait Times reported.

Meanwhile, Kuwaiti Prime Minister, Sheikh Jaber Mubarak Al-Hamad Al-Sabah, pointed out his hopes for the project to “help put Oman directly on the path to prosperity.”

The Omani Duqm refinery, run by a joint venture between KPI and the Omani Oil Company (OOC), will be refining 230,000 barrels per day (b/d) of crude oil with expected investments reaching $15 billion over the upcoming decade.