Mubasher: The Arab Petroleum Investments Corporation (APICORP) has pumped $100 million worth of investment in Oman's Duqm Refinery.
This investment comes as part of a consortium consisting of international and regional banks to finance the construction works of the Omani crude refinery, according to a statement released on Sunday.
Located in Duqm Special Economic Zone, the refinery is a joint venture between Kuwait Petroleum International and Oman Oil Company with the aim of transforming Oman’s economy.
Upon this consortium, APICORP allocated $100 million of which $50 million Sharia-compliant and $50 million conventional tranches to the refinery.
“This is a demonstration of APICORP’s commitment to Oman with over $380 million currently committed to the energy sector in the country,” the statement added.
APICORP CEO Ahmed Ali Attiga commented saying that “As the Arab energy sectors most trusted financial partner, we look forward to further strengthening our existing partnerships with the governments of Kuwait and Oman.”
Meanwhile, president of Kuwait Petroleum International and chairman of Duqm Refinery Nabil Bourisli said, “Our vision is aiming at maximizing the value of our natural resources and driving the two countries towards expanding their economic potential, leading to balanced economic growth.”
