This week marks the one-year anniversary since the Sultan of Oman and Emir of Kuwait travelled to Duqm to royally inaugurate the Duqm refinery (MEES, 9 February 2024). The $9bn greenfield project is run by OQ8, a joint venture between state firms Kuwait Petroleum International (KPI) and OQ who are both shareholders, suppliers, and offtakers for the refinery.
With a year of operation under its belt, OQ8 has passed a ‘lender reliability test’ set by owners OQ and KPI and is on the cusp of securing its financial independence. Now it’s looking to make use of the autonomy it has from its shareholders as a merchant refinery. (CONTINUED - 1321 WORDS)
