Gulf Oil and Gas accountACCOUNT

KPI Acquires 50 pct Ownership of Mega Omani Refinery

Source: KUNA 1/14/2018, Location: Middle East

Share |
Kuwait's High Petroleum Commission has confirmed that Kuwait Petroleum International (KPI), a Kuwait Petroleum Corporation (KPC) affiliate, now owns a 50 percent share of Oman's Duqm refinery.

The Kuwaiti High Petroleum Commission convened a meeting presided over by His Highness the Prime Minister and head of the commission Sheikh Jaber Mubarak Al-Hamad Al-Sabah, where ownership of Oman's key refinery was finalized, Oil Minister Bakheet Al-Rashidi said in a statement.

The Kuwaiti oil minister touted the Omani Duqm refinery project as a highly lucrative enterprise, saying that the deal with the Omani Oil Company (OOC) 'would prove equally beneficial for both nations.' 'This partnership represents a step towards bringing one of the most monumental projects in the region to fruition,' Al-Rashidi said.

Meanwhile, His Highness the Prime Minister expressed hope that the project 'would help put Oman directly on the path to prosperity.' The refinery, run by the joint venture between OOC and KPI, will be able to process 230,000 barrels of crude oil per day and occupy 900 hectares in the Duqm industrial zone, with expected investments of up to USD 15 billion over the next decade.

Acquisitions and Divestitures News in Kuwait >>

Ghana >>  2/19/2018 - Aker Energy AS, a 50-50 joint venture between Aker ASA and TRG AS, has entered into an agreement with a subsidiary of Hess Corporation to acqui...
Russia >>  2/19/2018 - PAO NOVATEK (NOVATEK) won the open auction to acquire a 100% stake in Maretiom Investments Limited (owns 100% equity share in Geotransgaz) and 100% of...

United Kingdom >>  2/19/2018 - Baron Oil PLC has entered into an option agreement with Corfe Energy Limited to be assigned part of its rights to farm in to UK North Sea Licence P223...
United Arab Emirates >>  2/18/2018 - On behalf of the Abu Dhabi Government, the Abu Dhabi National Oil Company (ADNOC) signed an agreement with Cepsa, a Spanish integrated oil and gas com...

United Kingdom >>  2/16/2018 - Angus Energy Plc, the conventional oil and gas production and development company, announces that pursuant to the Company’s 22 January RNS it has init...
United States >>  2/15/2018 - Oil Search advises that its acquisition of a 25.5% interest in the Pikka Unit and adjacent exploration acreage and a 37.5% interest in the Horseshoe B...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Kuwait Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Kuwait >>

More News

 

Oil & Gas Companies in Kuwait >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.