On Wednesday, February 7, 2024, Sultan Haitham bin Tariq, Sultan of Oman, inaugurated the Duqm Refinery and Petrochemical Industries Project in the Duqm Special Economic Zone, in the presence of the Emir of Kuwait, Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah.

The Duqm Refinery and Petrochemical Industries Project; The largest joint investment project between the two countries (the Sultanate of Oman and the State of Kuwait), combined between the Omani OQ Group and the Kuwait Petroleum International Company, with a capital of approximately $9 billion. The project embodies the established historical relations between Oman and Kuwait. Therefore, the efforts of the two countries combined to work on completing and operating this project.

The project is being held in the Special Economic Zone at Duqm overlooking the Arabian Sea, about 530 kilometers southwest of the capital, Muscat. It is considered the first Gulf refinery to rely on imported crude oil in its operational operations and aims to stimulate oil projects in the Arabian Gulf region and enhance the market position in the refining and petrochemical sector. In addition to creating business opportunities and supporting small and medium enterprises. The refinery also enhances the refining position of the Sultanate of Oman to exceed 500,000 barrels per day, and raises the levels of local added value in order to achieve maximum benefit from national resources.

In conjunction with the opening of the Duqm Refinery, two other projects were completed: the Marafiq Company project, which supports the refinery with energy and water, and the Oman Tank Company project, which serves the refinery by storing oil in Ras Markaz.