OQ and KPI Joint Venture: Major Insights on the New Petrochemical Complex in Duqm and Its Implications for Investors
Kuwait: OQ Group of Oman and Kuwait Petroleum International Sign Agreement for Petrochemical Complex
On February 3, 2026, OQ Group from the Sultanate of Oman and Kuwait Petroleum International (KPI) formalized an agreement to develop a petrochemical complex in the Duqm Special Economic Zone. This significant event occurred during the Kuwait Oil & Gas Show and Conference.
The pact was signed by Ashraf bin Hamad al Maamari, CEO of OQ Group, and Eng Shafi bin Taleb al Ajmi, CEO of Kuwait Petroleum International. This agreement marks a mutual commitment to advance the project, highlighting its strategic relevance in fostering regional cooperation and promoting economic diversification in alignment with Oman Vision 2040.
Ashraf al Maamari emphasized that the partnership with KPI lays a robust foundation for the ongoing development of this critical initiative. He noted that both OQ Group and KPI possess the necessary capabilities and expertise to drive the project towards achieving its goals and enhancing its global competitiveness.
Eng Shafi al Ajmi reaffirmed KPI’s strong dedication to the project, describing it as a vital component of Duqm’s downstream industrial sector. He pointed out that this venture exemplifies the deepening partnership between the State of Kuwait and the Sultanate of Oman. KPI continues to collaborate closely with OQ Group to refine the project framework and maximize its economic viability.
The joint venture leverages integrated regional expertise and established technical and operational capabilities, ensuring that the project adheres to the highest international standards. Both parties are committed to providing essential resources as technical teams work to optimize designs for improved operational efficiency and competitiveness, thereby strengthening energy sector ties between the two nations.
Strategically situated within the Duqm Special Economic Zone, the project is poised to enhance Al Duqm’s status as a global manufacturing hub and accelerate economic diversification efforts in the Sultanate of Oman.
Special Analysis by Omanet | Navigate Oman’s Market
The recent agreement between OQ Group and Kuwait Petroleum International to develop a petrochemical complex in Duqm highlights a pivotal move towards economic diversification and regional cooperation in Oman. This venture creates significant opportunities for businesses to engage in the burgeoning energy sector while enhancing Duqm’s appeal as a global manufacturing hub. Smart investors should consider positioning themselves within this evolving landscape, as the project promises to drive job creation and technological advancements that align with Oman Vision 2040.
