Kuwait allocates $2bln to Oman’s Duqm refinery

The crude oil refining capacity of the project will be 230,000 barrels per day (bpd) and it will be operational by 2020/2021.

  
Image used for illustrative purpose. Oil rig workers attach another piece of pipe onto the ChevronTexaco drilling platform January 15, 2003 near the Saudi Arabian border, Kuwait.

Image used for illustrative purpose. Oil rig workers attach another piece of pipe onto the ChevronTexaco drilling platform January 15, 2003 near the Saudi Arabian border, Kuwait.

Getty Images/Joe Raedle

Kuwait’s Supreme Petroleum Council (SPC) approved offering $2 billion fund by one of Kuwait Petroleum Corporation’s (KPC) subsidiaries to finance the $8.5 billion Duqm refinery.

KPC and Oman’s Duqm Refinery and Petrochemical Industries Company (DRPIC) will evenly provide about $4 billion to the project, sources told Al-Seyassah newspaper.

The project will also be partially financed by borrowing $4.6 billion from 29 international and regional financial institutions.

DRPIC previously signed finance contracts related to the project in November 2018 with some financial institutions backed by export credit agencies from countries including South Korea, Spain, Japan and UK.

The crude oil refining capacity of the project will be 230,000 barrels per day (bpd) and it will be operational by 2020/2021.

 

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