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KPI Signs Agreement to Acquire 50% Ownership of Omani OOC

Source: KUNA 2/14/2018, Location: Middle East

Kuwait Petroleum International (KPI) will sign an agreement to acquire 50 percent share of Oman's Duqm refinery, said oil Minister Eng. Bakheet Al-Rashidi. In a statement to KUNA, Minister Al-Rashidi said that the Supreme Petroleum Council approved this step in cooperation with Kuwait Oil Company (KOC) and Omani Oil Company (OOC).

He clarified this partnership will help in the development of Duqm Refinery and Petrochemical Complex in the Duqm Special Economic Zone (SEZ) in Oman's Al Wusta Governorate.

'This vital project will contribute to supporting Oman's economic status and helps KPI to achieve its directions in terms of the global refining sector to ensure and find a safe outlet for the disposal of hydrocarbons in Kuwait,' he said. The agreement embodies the distinct Kuwaiti-Omani bilateral ties, opening up fresh prospects for further cooperation to serve mutual interests, Al-Rashidi added.

The Duqm Refinery will be established on a total area of 900 hectares. Once completed, the refinery will have the capacity to process 230,000 barrels of crude oil per day for both local and international markets.

The KPI was established in 1983 as the KPC arm for marketing and refining outside Kuwait. The state-owned OOC was established in 1996 to pursue investment opportunities in the wider energy sector both at home and abroad.

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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 


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