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FINANCIAL NEWS
Oman Oil, Kuwait Petroleum ink deal to build Duqm refinery
01 Feb 2017
(MENAFN) A shareholder deal between Oman Oil Co. and Kuwait Petroleum International for building Duqm refinery will be completed soon.
Moreover, Kuwait Petroleum showed interest in developing the refinery as s 50:50 equity joint venture with Oman Oil Co. last year.
Accordingly, the Omani firm hopes to start construction work before this year-end or by early next year and the plan to build a 230.000 barrels capacity refinery near the Duqm port.
Meanwhile, the finance for the project will be organized in a way that 60 percent will be equity and 40 percent will be project finance.
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MENAFN0102201700450000ID1095229155
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