Finance Oman’s OQ says over $10bn invested in Duqm projects By Pramod Kumar October 15, 2023, 10:20 AM Oman News Agency The investments are part of the government’s plans to improve its economic diversification strategies Oman’s integrated energy group OQ and its partners have invested over $10 billion across several projects in the Duqm economic zone. The investments are part of the government’s plans to improve its economic diversification strategies in line with Oman Vision 2040, state-run Oman News Agency reported, citing Hilal Ali Al Kharusi, CEO for commercial and downstream at OQ. Among the significant investments is the Duqm Refinery, a joint venture with Kuwait Petroleum International. “Most of these projects have been successful, with their construction phases completed and now operational,” he said. Duqm refinery is nearing commercial operation, with its trial run reaching advanced stages. The official added that the first shipments of high-quality diesel have already been exported. As for the Ras Markaz project executed by OTTCO in Al Wusta Governorate, Al Kharusi said that the Ras Markaz crude storage project in Al Wusta governorate, executed by OQ’s wholly owned Oman Tank Terminal Company, has received 10 shipments of crude oil to date since its commissioning in January 2023. The project aims to store and blend all types of crude oil in large quantities and use its robust infrastructure to meet local and global market needs. Al Kharusi said that Marafiq, a utility provider and part of group, has completed the development of a power and water plant with a production capacity of up to 326 megawatts of power and 36,000 cubic metres of water daily.
