Oman Refinery Exports First Shipment of High-quality Diesel

Duqm Refinery Project (from the OQ Group website)
Duqm Refinery Project (from the OQ Group website)
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Oman Refinery Exports First Shipment of High-quality Diesel

Duqm Refinery Project (from the OQ Group website)
Duqm Refinery Project (from the OQ Group website)

Oman's Duqm Refinery successfully exported its first shipment of high-quality diesel as per international specifications.

This coincides with the company getting closer to achieving commercial operation, with trial operations continuing to progress, exceeding 81 percent, while the percentage of construction work has exceeded more than 99 percent, Oman's state news agency reported.

The trial operations included testing all supply chains at the Duqm Refinery, including crude oil storage facilities at the Ras Markaz and an 80-kilometre-long crude oil transport pipeline.

In recent months, the Ras Markaz crude oil tanks received more than three million barrels of Omani and Kuwaiti crude oil, which were later pumped from Ras Markaz to the refinery complex in Duqm via the oil transportation pipeline.

The trial operations also included the export of the first shipments of naphtha and fuel oil via product storage and export dock at Duqm Port.

The Duqm Refinery Project is a joint project between the OQ Group and Kuwait Petroleum International Company and is located in the heart of the Special Economic Zone in Duqm.

The project includes three main packages capable of producing diesel, jet fuel, naphtha, liquefied petroleum gas, sulfur, and petroleum coal.

The Duqm Refinery has a capacity of 230,000 barrels per day and is capable of dealing with various types of crude oil, including Omani and Kuwaiti crude.



Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices remained steady on Wednesday, as investors awaited the US Federal Reserve's decision on interest rates due later in the day, while also focusing on US President Donald Trump's trade policies following his tariff threats.

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while US gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

The Fed is scheduled to release its latest policy decision and statement at 2 p.m. EST (1900 GMT), with Fed Chair Jerome Powell due to hold a press conference half an hour later to elaborate on the meeting.

The US central bank is widely expected to hold interest rates steady as it awaits further inflation and jobs data and more clarity on the economic impact of Trump's policies before deciding whether to cut borrowing costs again.

"However, the Fed's commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus," said David Meger, director of metals trading at High Ridge Futures.

Gold prices neared all-time highs last week after Trump called for lower interest rates. Bullion tends to thrive in a low-interest-rate environment as it yields no interest.

Prices, however, retreated sharply on Monday as a sell-off in technology stocks, driven by Chinese AI model DeepSeek, sparked a rush to liquidate bullion to counter losses, according to Reuters.

The sell-off in the stock market seen on Monday may not be over and the unpredictability of Trump's policies is contributing to an increased demand for gold as a safe-haven, said Jim Wyckoff, a senior market analyst at Kitco Metals.

Trump still plans to make good on his promise to issue tariffs on Canada and Mexico, and his policies are widely seen as inflationary.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.