Oman: Oman has announced the successful completion of six national projects, totalling an impressive value of $10.4 billion, as part of strategic initiatives for economic diversification and investment attraction.
The Oman Investment Authority fronted these initiatives, strategically distributing them across various governorates and sectors to maximize their impact.
The transformative Duqm Refinery and Petrochemical Industries (OQ8) Project is set to make Duqm a major regional economic hub. The Duqm Port refinery includes main processing units, storage, export facilities, a crude oil storage facility in Ras Markaz, and an 81-kilometer transmission pipeline. With a daily capacity of 230,000 barrels, it produces diesel, jet fuel, liquefied petroleum gas, sulphur, and petroleum coal.
Alongside the refinery project, the Ras Markaz Crude Oil Storage initiative in Al Wusta Governorate underscores Oman’s commitment to economic diversification. This facility, with an initial storage capacity of 26.7 million barrels, supports Duqm Refinery and positions Oman as a significant player in global oil markets, given its proximity to emerging markets in Asia and Africa.
The Duqm Integrated Power and Water Project (DIPWP) strengthens Oman’s economic vision by supplying vital infrastructure for the electricity and water requirements of Duqm Refinery and Petrochemical Industries. With 326 MW of electricity and 36,000 cubic meters of water daily, the project bolsters existing industries and attracts investments to Duqm Special Economic Zone, enabling future expansions.
The “Rabt” project is pivotal, enhancing the efficiency and integration of the National Electricity Transmission Network. Stretching 660 kilometers with 400 Megawatts of transmission lines and five main stations, it promotes the growth of renewable energy sources in Al Wusta Governorate.
Beyond energy projects, Oman’s commitment to diversified growth is seen in the Khuwayma Shrimp Farm Project, boosting food security, and the JW Marriott Muscat Hotel, symbolizing tourism development using natural resources to support economic diversification and job creation.