The managing director of the new Oman refinery, David Bird, said that processing of heavier crude oil is expected to start later this year. The Duqm refinery, with an investment valued at US$9 billion, is strategically located on the eastern coasts.
This statement comes weeks after the inauguration of the refinery. One of the goals is to process more than 230,000 barrels per day (bpd), thanks to its privileged location, which provides direct access to the Indian Ocean, avoiding the critical sea passages of the Red Sea and the Strait of Hormuz.
New capabilities to process heavier crude oil
Bird emphasized that the design of the new Oman refinery incorporated the capacity to process heavier and sourer crudes, thus ensuring versatile and efficient operation in the processing of different types of oil.
It also mentioned that the second half of 2024, the adoption of a model of the new Oman refinery is contemplated as a full commercial upgrade to process advantageous crudes, signaling a progressive approach towards resource optimization and expansion of processing capabilities.
This venture has begun operating at full capacity, processing a variety of products such as diesel, jet fuel, naphtha, and liquefied petroleum gas. liquefied petroleum gas (LPG), with a crude oil composition that includes 65% Kuwaiti crude oil and 35% Omani crude oil.
Strategic location of Oman’s new refinery
Its location gives it a competitive advantage, allowing it access to the main international maritime routes of the Indian Ocean and the Arabian Sea. This position facilitates efficient and strategic distribution of its products worldwide.
The Omani/Kuwaiti refinery seeks to offer a viable alternative in the transportation of energy products from the Middle East to other global markets. In addition, its strategy includes plans to increase storage capacity, which would allow it to hold tens of millions of barrels.
The ultimate goal of the oil facility is to export 100 cargoes of fuels worldwide, on a constant basis. According to Bird, the proximity to these markets positions the refinery competitively, allowing it to meet demand efficiently and reinforcing its role as a key player on the global energy scene.
Don’t miss any of our posts and follow us on social media!
Inspenet.com YouTube LinkedIn Facebook Instagram
Source: oilprice.com
Loading...
