OQ, the global energy investment group, and Kuwait Petroleum International (KPI), the international arm of Kuwait Petroleum Corporation (KPC), have sealed a Project Development Agreement for a jointly owned petrochemical complex in the Special Economic Zone at Duqm (SEZAD).

 

The agreement was signed on the sidelines of the Kuwait Oil & Gas Show (KOGS 2026) by Ashraf Hamed Al Mamari, Group CEO of OQ, and Shafi Taleb Al Ajmi, CEO of KPI, reaffirming both parties’ commitment to advancing the Oman Petrochemical Project. 

 

The move underscores the project’s strategic importance and its role in boosting regional cooperation and driving economic diversification in line with Oman Vision 2040.

 

"Our strong partnership with KPI provides an exceptional platform to advance this strategic venture," said Ashraf Hamed Al Mamari. "OQ and KPI have both the capability and resources to drive the project forward successfully. We are actively engaging with potential partners who share our vision of establishing Duqm as a premier global petrochemical hub."

 

Shafi Taleb Al Ajmi added: "KPI maintains its steadfast commitment to this transformative project alongside our trusted partner, OQ. The Oman Petrochemical Project represents a pillar of Kuwait's downstream growth strategy and reflects our enduring partnership with Oman. We remain confident in the project's strong fundamentals and are collaborating closely with OQ to optimize its development framework."

 

The joint venture leverages the complementary strengths and regional expertise of both companies. Technical teams are already evaluating enhanced configurations to maximize the project’s global competitiveness, while both parties have committed the necessary resources to ensure continuity.

 

Strategically located within Duqm SEZAD, the project benefits from established infrastructure, competitive feedstock access, and strong interest from regional and international partners. The collaboration not only advances Oman’s economic diversification ambitions but also strengthens energy cooperation across the Gulf.