Oman Oil Company’s (OOC) CEO, Issam Al Zadjali, is expected to sign a memorandum of understanding (MoU) with Kuwait Petroleum Corporation (KPC) for a partnership at Oman’s Duqm refinery during November. The MoU would equally combine crude oil from Oman and Kuwait, reported Reuters.
Earlier the Oman failed to reach an agreement with Abu Dhabi’s state-owned International Petroleum Investment Co (IPIC). Zadjali stated: “for the time being, our partners from Kuwait will replace the partner from the United Arab Emirates”, according to AME Info. Duqm refinery is part of vast industrial zone that is the Gulf Arab Sultanate’s biggest single economic project and aims to diversify the country’s economy away from oil.
In a related news, Egypt Oil&Gas reported that OOC had plans to progress the implementation of three strategic petrochemical ventures by 2017. The total investment were worth $1.81b in the Salalah liquefied petroleum gas (LPG) project of Oman Gas Company, the purified terephthalic acid (PTA) and polyethylene terephthalate (PET) complex of Oman International Petrochemical Industries Company (OMPET), and the ammonia project of Salalah Methanol Company.