Latest news with #KuwaitPetroleumInternational
Arab Times
15-05-2025
- Business
- Arab Times
Duqm Refinery to boost capacity to 270,000 bpd within two years
KUWAIT CITY, May 15: In a bid to strengthen cooperation and partnership for the largest joint project between two Gulf states in the field of refineries and petrochemicals, the management of Duqm Refinery -- owned by Kuwait Petroleum International (KPI) and the Omani OQ Oil Group -- intends to increase the refining capacity of Duqm from 255,000 to 270,000 barrels per day in the next two years, say Omani sources. Sources disclosed that the management is considering increasing capacity without the need for investment or financing; given the strong demand for Duqm Refinery products, as its products are clean and high-quality like diesel, jet fuel, naphtha, liquefied petroleum gas, sulfur and petroleum coke. Sources stated that the management welcomes the recruitment of the largest possible number of Kuwaiti youths -- both male and female -- to work at the refinery. They revealed that around 32 to 40 Kuwaitis are currently working at the refinery -- out of a total of 750 employees from 32 nationalities. They are hoping that the number of Kuwaiti employees will increase, considering Kuwait is a key partner of the refinery. They said the Kuwaiti employees at the refinery have proven their competence and dedication to their work. 'To fulfill the demand to attract more Kuwaiti employees, the management recently opened recruitment opportunities for fresh Kuwaiti graduates in the fields of Chemical Engineering, Mechanical Engineering, Chemistry, Accounting, Finance, Human Resources Management, Business Administration and Computer Engineering,' sources confirmed. Sources said the requirements for Kuwaiti job applicants are as follows: Must not be registered with the Public Institution for Social Security (PIFSS) as an employer; Copies of the civil identification nationality cards; Certificate of military service, postponement or exemption for males; Age must not exceed 28 years; Not more than four years must have passed since graduation. Sources stressed that applicants, who do not meet the conditions, will be excluded; adding that in case of the same results between more than one candidate for the job, the criteria for comparison will be oldest age, first to obtain the qualification, and a married person is preferred over the single person, provided they meet the required general graduation average, and pass the English language test and aptitude test. Sources said the refinery management opened the door for receiving applications until May 24.
Observer
13-04-2025
- Business
- Observer
OQ8 completes LRT, unlocking $4 billion in shareholder guarantees
MUSCAT: Duqm Refinery and Petrochemical Industries Company (OQ8), a strategic joint venture between OQ in Oman and Kuwait Petroleum International (KPI), has completed the Lenders Reliability Test (LRT), marking a major milestone in its operational journey. This achievement fulfills all lender requirements and establishes the Actual Completion Date (ACD), unlocking approx RO 1.54 billion ($4 billion). The successful completion of the LRT, a rigorous performance assessment mandated by project financiers, confirms the refinery's ability to operate at or above its agreed capacity, efficiency, and reliability thresholds over a sustained period. With ACD now secured, OQ8 has fully met its contractual obligations, seamlessly transitioning into stable commercial operations. David Bird, CEO of OQ8, highlighted the significance of this moment: "The successful completion of the Lenders Reliability Test and achievement of our Actual Completion Date marks a pivotal milestone in OQ8's journey. This validates our operational excellence and underscores the strength of our joint venture and the trust of our stakeholders. As we transition into a new phase of growth, we are focused on leveraging this momentum to drive long-term value, advance strategic initiatives, and strengthen Oman's role as a leading energy hub in the global market." Duqm Refinery, located in the Al Wusta region on Oman's southeast coast, has exceeded 110% of its nameplate capacity, boosting output from 230,000 barrels per day (bpd) to 255,000 bpd. The facility reached full operational status within 10 months of completing mechanical works, the company said. Mubarak al Naamany, Chief Financial and Commercial Officer of OQ8, said the project's progress strengthens the joint venture's ambition to establish Duqm as a regional refining and petrochemicals hub, aligned with Oman Vision 2040. Azzan al Abdullatif, Chief Portfolio Officer at OQ, added that the refinery is helping position Oman as a growing energy center in the region. 'Clearing the reliability test underlines the project's strategic importance and enhances its appeal to global markets,' he said. Chief Executive Officer of Kuwait Petroleum International (KPI) Shafi Taleb al Ajmi said the completion milestone confirms the refinery's technical strength, calling it 'one of the most advanced refining facilities globally.' Duqm is the first independent commercial refinery in the Middle East. The plant is designed to process a variety of crude grades, including Basra Heavy and West African blends, which allows it to optimize supply and improve efficiency. The company said it operated at 100% utilization throughout 2024, exporting more than 4.1 million tonnes of refined products globally. Feedstock strategies have also helped reduce dependence on shareholder crude, enhancing commercial flexibility and profitability. Duqm Refinery is also investing in sustainability and innovation. Since 2018, it has spent over $2 billion on local suppliers and allocated more than RO 2 million ($5.4 million) to social development programs. It said these efforts support Oman's broader environmental and economic goals.
Zawya
10-04-2025
- Business
- Zawya
Oman: OQ8 successfully completes Lenders Reliability Test, unlocking $4bln in shareholder guarantees
Muscat: Duqm Refinery and Petrochemical Industries Company (OQ8), a strategic joint venture between OQ in Oman and Kuwait Petroleum International (KPI), has successfully completed the Lenders Reliability Test (LRT), marking a major milestone in its operational journey. This achievement fulfills all lender requirements and establishes the Actual Completion Date (ACD), unlocking over $4 billion in shareholder guarantees. The successful completion of the LRT, a rigorous performance assessment mandated by project financiers, confirms the refinery's ability to operate at or above its agreed capacity, efficiency, and reliability thresholds over a sustained period. With ACD now secured, OQ8 has fully met its contractual obligations, seamlessly transitioning into stable commercial operations. David Bird, CEO of OQ8, highlighted the significance of this moment: 'The successful completion of the Lenders Reliability Test and achievement of our Actual Completion Date marks a pivotal milestone in OQ8's journey. This validates our operational excellence and underscores the strength of our joint venture and the trust of our stakeholders. As we transition into a new phase of growth, we are focused on leveraging this momentum to drive long-term value, advance strategic initiatives, and strengthen Oman's role as a leading energy hub in the global market.' OQ8 has rapidly scaled up its operations, achieving 110% of its nameplate capacity and increasing production from 230,000 to 255,000 barrels per day. Within just 10 months of mechanical completion, the refinery has successfully transitioned to full-scale operations, underscoring its efficiency and reliability. 'As we move forward, our focus remains on optimising financial performance and maintaining strong governance. We appreciate the continued trust and support from our lenders, shareholders, and partners, who have played a key role in our journey,' said Mubarak Al Naamani, Chief Financial and Commercial Officer at OQ8. This underscores the strength of the partnership between OQ and KPI, cementing OQ8's evolution into a leading regional energy player. With full operational stability, the company is well-positioned to explore new growth opportunities, further contributing to Oman's energy sector and long-term economic development in line with Oman Vision 2040. In this regard, Azzan Al Abdullatif, Chief Portfolio Officer at OQ, stated: 'Our partnership with Kuwait Petroleum International underscores the strength of regional collaboration and the growing strategic role of Oman as a global energy hub. Successfully passing the lenders' reliability test affirms the project's strategic importance to the region's energy landscape and underscores the company's commitment to driving strategic growth and delivering exceptional results.' Eng. Shafi Taleb Al Ajmi, Kuwait Petroleum International President and CEO 'Achieving the ACD is a clear signal of our operational readiness and technical capabilities, placing OQ8 among the most advanced refineries globally. Securing this reinforces our confidence in OQ8's growth potential and commitment to pioneering new possibilities in the refining industry.' As the first merchant refinery in the Middle East, OQ8 demonstrates remarkable flexibility, processing a diverse range of crude and feedstocks—including Basra Heavy and West African crude—to enhance sourcing options and optimise production. Maintaining a 100% operational rate throughout 2024, the refinery has exported over 4.1 million tons of refined products globally. Additionally, its advanced feedstock strategies have reduced reliance on shareholder crude, improving commercial agility and profitability. Beyond operational excellence, OQ8 is committed to innovation and sustainability, leveraging cutting-edge technology to enhance efficiency and minimise environmental impact. The refinery plays a key role in advancing national sustainability goals, with significant contributions to Oman's economic and social development. Since 2018, the company has invested over $2 billion in local suppliers and dedicated $5.4 million to social initiatives, reinforcing its commitment to long-term national growth and prosperity. © Muscat Media Group Provided by SyndiGate Media Inc. (
Asharq Al-Awsat
09-04-2025
- Business
- Asharq Al-Awsat
Duqm Refinery Secures $4 Billion from Shareholder Guarantees
Oman's Duqm Refinery and Petrochemical Industries Co. (OQ8), a joint venture between state-owned OQ Group and Kuwait Petroleum International (KPI), said it has successfully passed a critical Lenders Reliability Test (LRT), allowing it to access shareholder guarantees exceeding $4 billion. The successful completion of the LRT, a rigorous performance assessment mandated by project financiers, confirms the refinery's ability to operate at or above its agreed capacity, efficiency, and reliability thresholds over a sustained period, the company said. With ACD now secured, Duqm said it has fully met its contractual obligations, seamlessly transitioning into stable commercial operations. 'The successful completion of the LRT and achievement of our Actual Completion Date marks a pivotal milestone in OQ8's journey,' David Bird, CEO of OQ8, said. 'This validates our operational excellence and underscores the strength of our joint venture and the trust of our stakeholders,' he noted. Bird also said that as the company transitions into a new phase of growth, 'we are focused on leveraging this momentum to drive long-term value, advance strategic initiatives, and strengthen Oman's role as a leading energy hub in the global market.' He stressed that OQ8 has rapidly scaled up its operations, achieving 110% of its nameplate capacity and increasing production from 230,000 to 255,000 barrels per day. Within just 10 months of mechanical completion, Bird added, the refinery has successfully transitioned to full-scale operations, underscoring its efficiency and reliability. Shafi Taleb al-Ajmi, President and CEO of Kuwait Petroleum International, said Duqm is the first independent commercial refinery in the Middle East with exceptional operational flexibility, setting a model in operational efficiency and industrial excellence. Executive Vice President of Manufacturing at Kuwait Petroleum International Imad Al-Hadlaq said this significant achievement required exceptional cooperation among all partners, financiers and suppliers. He said the project faced various challenges and intense scrutiny from financiers, making this accomplishment even more remarkable. Mubarak Al-Naamani, Chief Financial and Commercial Officer at OQ8, said: 'This milestone reinforces the strength of the partnership between OQ and KPI, cementing OQ8's evolution into a leading regional energy player.' Maintaining a 100% operational rate throughout 2024, the refinery has exported over 4.1mn tons of refined products globally. Additionally, its advanced feedstock strategies have reduced reliance on shareholder crude, improving commercial agility and profitability.
Zawya
09-04-2025
- Business
- Zawya
Oman: Duqm Refinery successfully completes Lenders' Reliability Test
Duqm – Duqm Refinery and Petrochemical Industries Company (OQ8), a strategic joint venture between Oman's OQ Group and Kuwait Petroleum International (KPI), has successfully completed the Lenders' Reliability Test (LRT), marking a major milestone in its operational journey. This achievement fulfils all lender requirements and establishes the Actual Completion Date (ACD), unlocking approximately $4bn in shareholder guarantees. The successful completion of the LRT, a rigorous performance assessment mandated by project financiers, confirms the refinery's ability to operate at or above its agreed capacity, efficiency, and reliability thresholds over a sustained period. With the ACD now secured, OQ8 has fully met its contractual obligations, seamlessly transitioning into stable commercial operations. David Bird, CEO of OQ8, highlighted the significance of the occasion, saying, 'The successful completion of the Lenders' Reliability Test and achievement of our Actual Completion Date marks a pivotal milestone in OQ8's journey. This validates our operational excellence and underscores the strength of our joint venture and the trust of our stakeholders. As we transition into a new phase of growth, we are focused on leveraging this momentum to drive long-term value, advance strategic initiatives, and strengthen Oman's role as a leading energy hub in the global market.' OQ8 has rapidly scaled up its operations, achieving 110% of its nameplate capacity and increasing production from 230,000 to 255,000 barrels per day. Within just ten months of mechanical completion, the refinery has successfully transitioned to full-scale operations, underscoring its efficiency and reliability. 'As we move forward, our focus remains on optimising financial performance and maintaining strong governance. We appreciate the continued trust and support from our lenders, shareholders, and partners, who have played a key role in our journey,' said Mubarak Al Naamani, Chief Financial and Commercial Officer at OQ8. This milestone reinforces the strength of the partnership between OQ and KPI, cementing OQ8's evolution into a leading regional energy player. With full operational stability, the company is well-positioned to explore new growth opportunities, further contributing to Oman's energy sector and long-term economic development, in line with Oman Vision 2040. Azzan al Abdullatif, Chief Portfolio Officer at OQ, said, 'Our partnership with Kuwait Petroleum International underscores the strength of regional collaboration and the growing strategic role of Oman as a global energy hub. Successfully passing the Lenders' Reliability Test affirms the project's strategic importance to the region's energy landscape and highlights the company's commitment to driving strategic growth and delivering exceptional results.' Eng Shafi Taleb al Ajmi, President and CEO of Kuwait Petroleum International, said, 'Achieving the ACD is a clear signal of our operational readiness and technical capabilities, placing OQ8 among the most advanced refineries globally. Securing this milestone reinforces our confidence in OQ8's growth potential and commitment to pioneering new possibilities in the refining industry.' As the first merchant refinery in the Middle East, OQ8 demonstrates remarkable flexibility, processing a diverse range of crude and feedstocks, including Basra Heavy and West African crude to enhance sourcing options and optimise production. Maintaining a 100% operational rate throughout 2024, the refinery has exported over 4.1mn tonnes of refined products globally. Additionally, its advanced feedstock strategies have reduced reliance on shareholder crude, improving commercial agility and profitability. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
