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)
TT
20

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.



Aramco Signs 34 Deals with Major US Companies

(FILES) This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (Photo by Fayez Nureldine / AFP)
(FILES) This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (Photo by Fayez Nureldine / AFP)
TT
20

Aramco Signs 34 Deals with Major US Companies

(FILES) This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (Photo by Fayez Nureldine / AFP)
(FILES) This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (Photo by Fayez Nureldine / AFP)

Saudi Aramco said on Wednesday it had signed 34 preliminary deals with major US companies, potentially worth up to $90 billion in a push to deepen commercial ties with the United States on the back of President Donald Trump's visit to the Kingdom.

The announcement was made a day after Riyadh pledged $600 billion in US investments.

"The US is really a good place to put our investment," Aramco CEO Amin Nasser said on Tuesday at the US-Saudi Investment Forum in Riyadh.

Aramco said the agreements, struck through its Aramco Group Companies, aim to build on its longstanding ties with US companies, enhance shareholder value, and expand collaboration in energy and other strategic sectors.

A memorandum of understanding with tech heavyweight Nvidia aims to establish advanced industrial AI infrastructure, including an AI Hub, an engineering and robotics center, and workforce training programs.

Aramco also signed an MoU with ExxonMobil to evaluate a significant upgrade to their SAMREF refinery, with plans to expand it into an integrated petrochemical complex.

It also inked a non-binding agreement with Amazon Web Services to collaborate on digital transformation and lower-carbon initiatives, while an MoU with Qualcomm focuses on collaboration in enhancing industrial networks and AI capabilities.

"Our US-related activities have evolved over the decades, and now include multi-disciplinary R&D, the Motiva refinery in Port Arthur, start-up investments, potential collaborations in LNG, and ongoing procurement," Nasser said in a statement.

Aramco said on Tuesday it would invest $3.4 billion to expand the Motiva refinery in Texas.

Beyond energy, the state oil giant has become a key vehicle for industrial development, digital transformation, and foreign investment.

It expanded existing relationships with several high-profile US suppliers including SLB, Baker Hughes, GE Vernova and Honeywell.

On the financial services front, it has forged agreements with asset management giants PIMCO, State Street Corporation and Wellington.

It also signed a deal for short-term cash investments through a unified investment fund, named 'Fund of One', with financial heavyweights BlackRock, Goldman Sachs, Morgan Stanley and PIMCO.