Duqm Refinery and Petrochemical Industries Company (DRPIC) has announced in a statement the suspension of the Front-End Engineering Design (FEED) work for its proposed Duqm Petrochemical Project (DPP).
DRPIC would like to assess the impact of COVID-19 on its future works.
The statement issued by the DRPIC mentioned that, DRPIC Board of Directors concluded that the suspension of FEED work of the project is in the interest of the company during a time of unprecedented global economic uncertainty due to the impact of the COVID-19 pandemic, depressed demand, and highly volatile commodity prices.
The shareholders intend to reassess the project, taking into account the current challenging global market environment and the importance of seeking opportunities to enhance the value of the project.
The Duqm Petrochemical Project (DPP) constitutes the second phase of the integrated refineries and petrochemicals project, which the company plans to implement in the Special Economic Zone of Duqm, as part of the existing strategic partnership between OQ and Kuwait Petroleum International.
The statement emphasized that the construction work on Duqm Refinery continues according to the planned schedule, and the current overall progress stands at 72 per cent.
Once the refinery is completed, it will have the capacity to process around 230,000 barrels of crude oil per day. Diesel, jet fuel, naphtha and LPG are to be its primary products.
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