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MUSCAT, Oman — Oman Oil Company (OOC) and the International Petroleum Investment Company (IPIC) announced the formation of a joint venture, Duqm Refinery and Petrochemical Industries LLC, to own and manage the development of the planned refinery and petrochemical complex in Duqm, Oman, the Oman News Agency reported.
The refinery, which is the first phase of the project, is expected to have a capacity of (230,000) barrels per day as it is expected to be completed by 2017 whilst the second phase of the project will focus on the development of a petrochemical complex.
In a statement, Nasser bin Khamis al-Jashmi, undersecretary of the Oil and Gas Ministry and chairman of OOC Board, said that the development of the refinery and petrochemical complex is considered to be one of the most important investment projects as it will play a vital role in supporting the oil and petrochemical industries in the Sultanate due to the strategic location of the Duqm area, adjacent to one of the world''s key shipping trade routes.