Sunday 22 / December / 2024
Muscat: Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said that the Royal patronage of His Majesty Sultan Haitham bin Tarik and His Highness Sheikh Mishal Al Ahmad Al Jaber Al Sabah, Emir of the State of Kuwait, over the opening of the Duqm Refinery project reflects interest in investment in the Sultanate of Oman and the keenness to attracting investors to achieve the objectives of the Oman Vision 2040.
The move aims to enhance economic diversification policies and diversify sources of income.
He added in a statement to Oman News Agency (ONA) that the Royal presence of the two leaders at this major event will enhance the efforts made to attract investment to the Sultanate of Oman in general and to the Special Economic Zone in Duqm (SEZAD) in particular.
He explained that the opening of the Duqm Refinery will open up investment vistas in other areas based on the refinery’s products. It paves the way for investments in the fields of petrochemicals that maximize the use of the natural resources of the Sultanate of Oman, Al Yousef said.
He pointed out that the Duqm Refinery is a tributary to the industrial sector in the Sultanate of Oman, as it is one of the heavy industries in terms of investment value and production capacity.
He added that the Duqm Refinery also contributes to the establishment of many converting industries with high added value.
Al Yousef further said that the Duqm Refinery has enriched the local markets through contracts and purchases. The services that were agreed upon amount to more than USD 2.4 billion, and national companies operating in the field of construction and supplies benefited from these services.
The minister stressed that the Duqm Refinery represents the success of the economic partnership with the State of Kuwait to establish this project, which is a model that promotes the establishment of other partnerships for investment in diverse economic sectors.
Al Yousef concluded that the Sultanate of Oman owns three refineries in addition to the Duqm Refinery, (Sohar Refinery - Mina Al Fahal Refinery - Salalah Refinery), noting that everyone is hopeful given the economic, investment and social importance that such refineries represent for each country. These refineries are also one of the most important support projects that countries rely on to achieve diversification in national revenues, as these refineries refine and process oil and transform it into high-quality products. These refineries adopt the latest technologies to preserve health and the environment from pollution in cooperation with the authorities concerned.
