Duqm Refinery and Petrochemicals Industries Company is pursuing a $6 billion loan for its refinery project, sources told Reuters.
The company is seeking financing from multiple banks, including the export agencies of South Korea, Italy, and Spain, according to the sources.
Duqm Refinery and Petrochemical Industries Company is a joint venture of Kuwait Petroleum Company and Oman Oil Company.
Upon completion, the refinery will have the capacity to process 230,000 barrels per day (b/d) of crude, according to Reuters. It is to be located in Oman’s Duqm industrial zone.
It will produce diesel, jet fuel, naphtha, and liquid petroleum gas (LPG), according to the Duqm Economic Zone Authority.
In August, the company signed a series of contracts with international firms—such as Petrofac, Saipem, Tecnicas Reunidas, and Boskalis Westminster—for the project.