You are currently viewing: News



23-12-2018

APICORP announces financing for Oman’s Duqm Refinery

The Arab Petroleum Investments Corporation (APICORP), a multilateral development bank, is pleased to announce a USD100m investment as part of a consortium of international and regional banks to finance the construction of Oman’s Duqm Refinery.

Situated within the Duqm Special Economic Zone the refinery is joint venture between Kuwait Petroleum International and Oman Oil Company. Duqm Refinery is a milestone project which will contribute to the transformation of Oman’s economy.

APICORP contributed USD100m to the financing of the refinery, USD50m sharia compliant, and USD50m conventional tranche. This is a demonstration of APICORP’s commitment to Oman with over USDD380m currently committed to the energy sector in country.

Today’s announcement continues APICORP’s collaboration with Kuwait, a 17% shareholder in APICORP, with a continued partnership in the financing of foreign investments in petrochemical projects such as MEGlobal in Canada and the Netherlands, and for Equipolymers in Switzerland, as well as the Nghi Son refinery and petrochemical plant in Vietnam.

Dr. Ahmed Ali Attiga, Chief Executive Officer of APICORP, commented: “We are delighted to be working with Kuwait Petroleum International and Oman Oil Company on this prestigious project—Duqm Refinery. As the Arab energy sectors most trusted financial partner, we look forward to further strengthening our existing partnerships with the governments of Kuwait and Oman. Once operational, the refinery will play a significant role in boosting Oman’s exports and will be a key driver for the growth of the region providing investment opportunities for new related projects.”

Mr. Nabil Bourisli, President of Kuwait Petroleum International and Chairman of Duqm Refinery commented said, “We are pleased to be working with APICORP on Duqm Refinery. This reflects the trust and confidence of local, regional and international financial institutions in our economic ties that are deeply rooted in history. Our vision is aiming at maximizing the value of our natural resources and driving the two countries towards expanding their economic potential, leading to balanced economic growth.”

Duqm Refinery is based in Al Duqm in the South East Al Wusta Governorate of the Sultanate of Oman. A strategic maritime location providing immediate access to international shipping lanes in both the Indian Ocean and the Arabian Sea, helps the process of transport in and out of the region and gives the project a significant competitive advantage. Duqm Refinery recently celebrated the laying of the foundation stone and the commencement of the USD5.75b construction work for the project. Once the refinery is completed, it will have the capacity to process around 230,000 barrels of crude oil per day. Its primary products will be diesel, jet fuel, naphtha and LPG.
Sponsor : 

Other News Items

EDL’s innovative pilot plant opens up new opportunities to process refinery residues

EDL Anlagenbau Gesellschaft mbH (EDL), the technology provider and engineering company located in Leipzig, Germany, offers an innovative pilot plant in connection with ...

22-01-2019

Independent research firm recognises Petrotechnics

Sphera, the largest global provider of Integrated Risk Management software today announces that Petrotechnics, a Sphera company, has been named a leader in the Verdantix ...

22-01-2019

Neste Engineering reaches important milestone at SOCARs fertilizer plant

Neste Engineering Solutions has reached an important milestone with PMC (Project Management Consultant) project for SOCAR, the State Oil Company of the Azerbaijan Republic, ...

21-01-2019

WorleyParsons awarded EPC contract for Pipestone processing facility

WorleyParsons has been awarded an engineering, procurement, fabrication and construction (EPC) contract for the Pipestone Processing Facility in Alberta Canada by Encana ...

21-01-2019

Vitol and IFM complete acquisition of VTTI

Further to its announcement of 2 November 2018, Vitol today announces that Vitol Investment Partnership II Ltd (“VIP”), an investment vehicle sponsored and ...

18-01-2019

Bilfinger awarded prestigious contract for gas treatment facility

Trans Europa Naturgas Pipeline GmbH & Co. KG has awarded a major contract to Bilfinger for the engineering, assembly, and commissioning of a complete deodorization ...

18-01-2019

Tubacex and Midhani signs MOU to expand and grow in Indian energy growth Plan

TUBACEX and the Indian company, Mishra Dhatu Nigam Limited (MIDHANI), have signed a MOU for development of diverse key projects in the region. This agreement would allow ...

17-01-2019

Emerson's automation training solutions aims to close skill gap for digital industrial workers

Scalable Performance Learning Platform provides training to current and future workers on advanced instrumentation and control technologies using real plant-like process   Emerson ...

17-01-2019

Siemens to supply industrial gas turbines for gas processing facility in Alberta

Siemens was recently selected to supply two SGT-300 industrial gas turbines for an established Montney producer in Alberta, Canada. The equipment order, placed by the ...

17-01-2019

McDermott awarded EPC contract for CB&I storage tanks in Saudi Arabia

McDermott International, Inc. today announced it has been awarded a sizeable* contract from Daelim Saudi Arabia Company Ltd. for engineering, procurement and construction ...

16-01-2019