Oman Oil Company to Partner with KPC for Duqm Refinery

Reuters

MUSCAT, Nov 8 (Reuters) – Oman Oil Company chief executive Issam Al Zadjali said on Tuesday it would sign a memorandum of understanding with Kuwait Petroleum Corporation (KPC) for a partnership at Oman's Duqm refinery.

The facility is part of vast industrial zone that is the Gulf Arab Sultanate's biggest single economic project and aims to diversify its economy away from oil.

Zadjali said he expected the agreement with KPC to be signed on Wednesday and comes after Oman failed to reach an agreement with Abu Dhabi's state-owned International Petroleum Investment Co (IPIC).

"For the time being, our partners from Kuwait will replace the partner from the United Arab Emirates," he told Reuters.

Kuwait Petroleum Corp CEO Nizar al-Adsani said last week that the memorandum of understanding would equally combine crude from the two energy-rich Gulf Arab states.

"It's 230,000 bpd. It's mixed crude (from) Oman and Kuwait, fifty-fifty," Adsani told reporters.

(Reporting By Fatma Arimi and Reem Shamseddine; Writing by Noah Browning; Editing by Sunil Nair)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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