OQ, Kuwait Petroleum sign deal for Duqm petrochemical project

05/02/2026 02:32 AST

OQ Group and Kuwait Petroleum International (KPI) signed an agreement on Tuesday in Kuwait to develop a petrochemical project in the Special Economic Zone at Duqm (SEZAD).

The agreement was signed by Ashraf al Mamari, Chief Executive Officer of OQ Group, and Shafi Taleb al Ajmi, Chief Executive Officer of KPI, on the sidelines of the Kuwait Oil & Gas Show and Conference.

The signing reaffirms the shared commitment of both parties to move forward with the project, reflecting its strategic importance in supporting regional cooperation and strengthening economic diversification efforts, in line with Oman Vision 2040.

In a statement to the Oman News Agency, Mamari said the partnership with Kuwait Petroleum International provides a solid foundation for the continued development of this strategic project. He noted that OQ Group and KPI possess the necessary capabilities and expertise to advance the project, achieve its objectives, and enhance its global competitiveness.

Ajmi affirmed KPI's full commitment to the landmark project alongside its strategic partner, OQ Group. He said the Duqm petrochemical project is a cornerstone of downstream industry growth strategies and reflects the deep-rooted partnership between the State of Kuwait and the Sultanate of Oman. He added that KPI continues to work closely with OQ Group to optimise the project framework and maximise its economic viability.

The joint project is based on integrated regional expertise and established technical and operational capabilities, ensuring its development in line with the highest international standards. Both sides are committed to providing the necessary resources, while technical teams continue to review project designs to enhance operational efficiency and international competitiveness, and to strengthen energy-sector ties between the two countries.

The project will benefit from its strategic location within the Special Economic Zone at Duqm and is expected to reinforce Duqm's position as a global hub for manufacturing industries, while accelerating the pace of economic diversification in the Sultanate of Oman.

Muscat Daily