Duqm Refinery largest investment between two GCC countries

MUSCAT: Shaikh Mishal Al Ahmad Al Jaber al Sabah, Emir of the State of Kuwait, will pay a state visit to the Sultanate of Oman on Tuesday. The Emir of Kuwait will attend alongside His Majesty Sultan Haitham bin Tarik the opening of Duqm Refinery and Petrochemical Industries on Wednesday.

The relations between the Sultanate of Oman and Kuwait are a regional and international role model. These relations have reached high levels at the official and national aspects, based on the historical and social heritage that brings together the two countries and common political positions.

The talks to be held at Al Alam Palace on Tuesday between His Majesty Sultan Haitham bin Tarik and HH Shaikh Mishal Al Ahmad Al Jaber al Sabah will herald a new beginning for enhancing relations between the two brotherly countries for the benefit of their countries and peoples.

The state visit of Shaikh Mishal Al Ahmad Al Jaber al Sabah carries several manifestations, as it is his second visit abroad since he assumed the reins of power in the State of Kuwait. The foremost of which is the firm desire of the leaderships of the two countries to accord a high patronage for the existing relations based on solid foundations and common values.

A number of ministers stressed that the Duqm Refinery is the largest investment of its kind between two Gulf countries represented by OQ - the global integrated energy group - and Kuwait Petroleum Corporation (KPC). The project is an ideal example of the convergence of economic interests.

The economic and trade relations between the Sultanate of Oman and the State of Kuwait are witnessing remarkable growth and joint cooperation in various fields, thanks to the efforts made by the leaderships of the two countries to activate the agreements and memorandums of understanding signed between them.

The private sector in both countries seeks to take advantage of the investment opportunities available in lucrative sectors to expand and deepen areas of cooperation and mutual investment to achieve their common interests.

Statistics issued by the National Centre for Statistics and Information (NCSI) indicated that the volume of trade exchange between the Sultanate of Oman and the State of Kuwait has been growing increasingly over the past five years, which stood at about RO 115.4 million in 2019, to reach RO 789.3 million by the end of November 2023.

Statistics showed that the volume of Kuwaiti private sector’s investments in the Sultanate of Oman amounted to about RO 922.3 million by the end of the third quarter of 2023. — ONA

Source: Oman Observer