OQ and Kuwait Petroleum International reaffirm commitment to Duqm petrochemical project, strengthening regional cooperation and supporting Oman’s Vision 2040 diversification goals.
OQ, Oman’s global energy investment group, and Kuwait Petroleum International (KPI), the international downstream subsidiary of Kuwait Petroleum Corporation (KPC), have formally reaffirmed their strategic partnership to advance the Oman Petrochemical Project located in the Special Economic Zone at Duqm (SEZAD). The renewed commitment was marked by the signing of a Project Development Agreement for a jointly owned, world-scale petrochemical complex, underscoring the long-term vision shared by both companies.
The agreement was signed on the sidelines of the Kuwait Oil & Gas Show (KOGS) 2026 by Ashraf Hamed Al Mamari, Group Chief Executive Officer of OQ, and Shafi Taleb Al Ajmi, Chief Executive Officer of Kuwait Petroleum International. This milestone highlights the project’s strategic importance not only for both partners, but also for the broader regional energy landscape. The Oman Petrochemical Project is widely viewed as a cornerstone initiative supporting Oman’s economic diversification agenda under Vision 2040, while simultaneously strengthening cross-border cooperation within the Gulf.
Commenting on the development, Ashraf Hamed Al Mamari emphasized that the partnership with KPI represents a strong foundation for delivering a globally competitive petrochemical venture. He noted that both OQ and KPI possess the technical capabilities, financial strength, and project execution experience required to move the development forward. Al Mamari further highlighted that OQ is actively engaging with potential regional and international partners who align with the vision of positioning Duqm as a leading global petrochemical and industrial hub.
Echoing this confidence, Shafi Taleb Al Ajmi reaffirmed KPI’s long-standing commitment to the project and to its collaboration with OQ. He stated that the Oman Petrochemical Project is a key pillar of Kuwait’s downstream growth strategy, reflecting KPI’s focus on expanding its international petrochemical footprint. Al Ajmi added that the partnership with Oman represents a durable and trusted relationship, and that KPI remains confident in the project’s strong commercial fundamentals, long-term demand outlook, and strategic relevance.
The joint venture combines complementary strengths from both organizations, leveraging deep regional expertise, operational know-how, and established market access. Dedicated technical and commercial teams from OQ and KPI are currently evaluating optimized project configurations, with the aim of enhancing efficiency, improving product flexibility, and maximizing the project’s competitiveness in global petrochemical markets.
Duqm’s strategic location significantly enhances the project’s value proposition. Situated outside the Strait of Hormuz, the Special Economic Zone offers direct access to international shipping routes, modern port infrastructure, and integrated industrial facilities. In addition, the availability of competitive feedstock, supportive regulatory frameworks, and strong government backing have positioned Duqm as one of the Middle East’s most promising emerging downstream hubs.
Through this renewed commitment, OQ and KPI are reinforcing their shared ambition to transform Duqm into a globally competitive center for petrochemical production. The project is expected to play a critical role in accelerating Oman’s industrial growth, attracting foreign investment, generating skilled employment, and deepening energy cooperation across the Gulf region.
