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Sultan of Oman, Emir of Kuwait to Inaugurate $9 Bn Duqm Refinery on Wednesday

Duqm Refinery is one of the joint investment projects between Oman and Kuwait (KUNA)
Duqm Refinery is one of the joint investment projects between Oman and Kuwait (KUNA)
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Sultan of Oman, Emir of Kuwait to Inaugurate $9 Bn Duqm Refinery on Wednesday

Duqm Refinery is one of the joint investment projects between Oman and Kuwait (KUNA)
Duqm Refinery is one of the joint investment projects between Oman and Kuwait (KUNA)

Oman's Sultan Haitham bin Tariq and Kuwait Emir Sheikh Meshal al-Ahmad al-Sabah will attend the opening of Duqm Refinery and Petrochemical Industries on Wednesday.
The Duqm refinery is a $9 billion joint venture between Oman's OQ Group and Kuwait Petroleum International in Oman's Duqm Industrial Zone.
The Refinery represents a valuable addition to the global energy market by providing high-quality oil products and enhancing Oman's refining capabilities by up to about 500,000 barrels per day.
Meanwhile, Oman's Minister of Commerce, Industry, and Investment Promotion, Qais bin Mohammed al-Yousef, said in a press statement that the inauguration of the Duqm Refinery reflects the investment interest in the Sultanate.
Yousef noted that it reviews the efforts to attract investors to achieve Oman Vision 2040 goals aimed at boosting economic diversification policies and diversifying sources of income.
President of the Public Authority for Special Economic Zones and Free Zones Ali al-Sunaidy described the Duqm Refinery as a pioneering strategic project in the petroleum industries between Oman and Kuwait.
Sunaidy stated that it supports the efforts to increase the added value of the manufacturing sector and provides new investment opportunities for small and medium enterprises in Duqm.
He asserted the importance of the strategic partnership between the two brotherly countries in establishing the Duqm Refinery and its strategic location close to the Asian and African markets.
Investments in the economic, accessible, and industrial zones amounted to about $44 billion, including $10.9 billion in the Special Economic Zone in Duqm (SEZAD), which reflects the interest of local and international companies in investing in Oman, according to Sunaidy.
- Kuwaiti-Omani project
The Duqm Refinery Project is one of the fruits of close relations between the State of Kuwait and the Sultanate of Oman, as this joint project reflects the steady growth in bilateral ties between the two Gulf countries.
President of Oman Investment Authority (OIA) Abdulasalam al-Murshidi said that the Duqm Refinery in the Special Economic Zone is the most significant joint investment between the two nations in the refineries and petrochemicals sector.
It culminates the bilateral relations between Oman and Kuwait, embodies the depth of their economic ties, and links common interests to more joint investments.
Murshidi expressed his aspiration that the Duqm Refinery will open broader horizons to invest in Oman, especially in the Special Economic Zone.
He also referred to its role as a promising industrial center and enabler around which lucrative opportunities are established in the upstream and downstream industries, petrochemicals, and logistics, reflecting additional value to the SEZAD.
The CEO of the Kuwait Petroleum Corporation, Sheikh Nawaf Saud Al-Sabah, said that the Refinery is an ideal example of the convergence of economic interests between the two countries, especially since Kuwait shares a common history and heritage with Oman.
The CEO pointed out that the strategic project would enhance the prospects for future cooperation in development and economic projects that contribute to the stability of energy supplies and provide safe guarantees.
- The most crucial energy centers
The project, the foundation stone of which the two parties laid in April 2018, will transform the Duqm region into one of the most important energy centers in the area.
Occupying a 900-hectare plot of coastal land, the $8.5 billion complex is a joint venture for the Omani international energy integrated company (OQ) and Kuwait Petroleum International (Q8).
The project enjoys a strategic location overlooking the main maritime transport lines in the Arabian Sea. It will have a positive impact on the region.
Its preliminary refining capacity is estimated at 230,000 barrels of (Kuwaiti) crude oil per day. The products include diesel, aviation fuel, naphtha, and liquefied petroleum gas.
Kuwait Petroleum Corporation will secure 65 percent of the refinery's crude oil resources in line with the corporation's vision and strategy to provide safe marketing outlets for Kuwaiti oil.
The project includes three main packages. The first consists of the central processing units of the Refinery, while the second package includes facilities and services.
Meanwhile, the third package includes three sub-packages, which are storage and export facilities for liquid and bulk petroleum materials located in the port of Duqm, crude oil storage facilities in Ras Markaz, and a 90-kilometer pipeline for transportation of crude oil from Ras Markaz to Duqm Refinery.
The future vision of the project aims for the Refinery to be world-class, using proven technology and providing high-quality products following international safety standards while striving to achieve the highest operating standards.

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Business

Bulgaria Adopts the Euro, Nearly 20 Years After Joining the EU

A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)
A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)
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Bulgaria Adopts the Euro, Nearly 20 Years After Joining the EU

A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)
A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)

Bulgaria became the 21st country to switch to the euro as it entered the New Year on Thursday, a milestone met with both cheers and fears, nearly 20 years after the Balkan nation joined the European Union.

At midnight (2200 GMT Wednesday), Bulgaria gave up the lev currency, which has been in use since the late 19th century, and Bulgarian euro coins were projected onto the central bank's building.

Successive governments in the country of 6.4 million people have advocated joining the euro, hoping that it will boost the economy of the European Union's poorest member, reinforce ties to the West and protect against Russia's influence.

But Bulgarians have long been divided over the switch, with many worrying the introduction could usher in higher prices and add to the political instability rattling the country.

In a speech broadcast shortly before midnight, President Rumen Radev hailed the euro adoption as the "final step" in Bulgaria's EU integration, as thousands of people braved sub-zero temperatures in the capital Sofia to celebrate the New Year.

Radev however voiced regret that Bulgarians had not been consulted by referendum on the adoption.

"This refusal was one of the dramatic symptoms of the deep divide between the political class and the people, confirmed by mass demonstrations across the country."

Anti-corruption protests swept a conservative-led government from office in mid-December, leaving a country anxious about inflation on the verge of its eighth election in five years.

"People are afraid that prices will rise, while salaries will remain the same," a woman in her 40s who declined to give her name told AFP in Sofia.

At one of the city's largest markets, stalls displayed prices of everything from groceries to New Year's Eve essentials like sparklers in both levs and euros.

"The whole of Europe has managed with the euro, we'll manage too," retiree Vlad told AFP.

- Easier trade, travel -

European Commission president Ursula von der Leyen said Wednesday that Bulgaria's move into the eurozone marked "an important milestone" that would bring "practical benefits" to Bulgarians.

"It will make travelling and living abroad easier, boost the transparency and competitiveness of markets, and facilitate trade," she said.

Central bank governor Dimitar Radev said the euro symbolized much more than "just a currency -- it is a sign of belonging".

But according to the latest Eurobarometer survey, 49 percent of Bulgarians are against the switch.

Outgoing prime minister Rossen Jeliazkov sought to reassure the public ahead of the move, saying he was "counting on the tolerance and understanding of citizens and businesses".

He added that inflation in the Black Sea nation, which joined the EU in 2007, was not linked to the euro's adoption.

But the concerns of Bulgarians about inflation are not idle.

Food prices rose by five percent year-on-year in November, more than double the eurozone average, according to the National Statistical Institute.

"Unfortunately, prices no longer correspond to those in levs," pastry shop owner Turgut Ismail, 33, told AFP, saying that prices have already begun surging.

A euro protest campaign earlier this year tapping into a generally negative view of the single currency among much of the population also fanned fears of price hikes.

- Queues and possible disruptions -

Given Bulgaria's ongoing political instability, any problems with euro adoption would be seized on by anti-EU politicians, warned Boryana Dimitrova of the Alpha Research polling institute.

Some people, including business owners, have complained that it has been difficult to get their hands on euros, with shopkeepers saying they haven't received the euro starter packages they ordered.

Banks said there could be some disruption at cash machines in the hours surrounding the switch. Earlier this week, people queued outside the Bulgarian National Bank and several currency exchange offices in Sofia to obtain euros.

The euro was first rolled out in 12 countries on January 1, 2002. Croatia was the latest to join, in 2023.

Bulgaria's accession will bring the number of Europeans using the euro to more than 350 million.

Business

Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites

Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites
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Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites

Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites

The Saudi Ministry of Industry and Mineral Resources announced on Wednesday the names of 24 companies and consortia that have won licenses in the ninth exploration licensing round, the largest in the Kingdom’s history to date.

The winning entities were awarded 172 mining sites, including 76 sites that advanced to a multi-round public auction, across three mineralized belts in the regions of Riyadh, Madinah, and Qassim, with total committed exploration spend of over SAR671 million during the first two years of their work programs.

This milestone comes as part of the ministry’s ongoing efforts to accelerate mineral exploration and development in the Kingdom, in line with the objectives of Vision 2030, which positions the mining sector as the third pillar of the national industrial economy, said the ministry in a statement.

The ninth round offered over 24,000 km2, spanning the Ad-Duwaihi/Nabitah gold belt in Riyadh Region, as well as the Nuqrah and Sukhaybirah/As-Safra gold belts in Madinah and Qassim regions. These areas are rich in strategic minerals, including gold, copper, silver, zinc, and nickel. The round witnessed strong interest and high-quality competition from leading local and international companies, reflecting growing confidence in Saudi Arabia’s mining investment environment and its attractiveness at both regional and global levels.

The list of winning companies includes several leading international firms and prominent local companies, namely: Desert EX Pty Ltd Company; Batin Alard for Gold Company; Royal Roads Arabia Company; Sierra Nevada Gold Inc. Company; Aurum Global Group; Brunswick Exploration Incorporated; EQLEED-INDOTAN Mining Company; Helderberg Limited Company; Rawafed Alola for Mining Company; Saudi Gold Refinery Limited Company; Arabian Discovery Mining Company; Al Ghazal Al Arabi Mining Company; Almasar Minerals Holding Limited Company; Al Tasnim Enterprises LLC Company; Arabian Gulf Skylark. The Distinguished Consortium Mining Company, Two Limited Company; Maaden Ivanhoe Electric Exploration and Development Limited Company.

Several newly formed consortia also emerged winners in the licensing round, such as Demir Engineering Ltd, Dahrouge Geological Consulting Ltd, and Kaz United Mining LLC Consortium; KENZ Global Resources Ltd, and Manahil Al Sharq Mining and Al Rayyan Mining Resources Co. Consortium; Maaden Barrick Technology Experts Co. and Andiamo Exploration Ltd Company; Shandong Gold (Beijing) Industrial Investment Co., Ltd., Development Co., Ltd., and Ajlan & Bros Company for Mining; Midana Exploration Pty Ltd and Saudi Arabian Mining Company (Maaden) Consortium; and McEwen Mining Inc. and Sumou Holding Company Consortium.

The ninth round saw 26 qualified companies participate via the electronic bidding platform. The round was conducted in several stages with the highest levels of transparency: prequalification, site selection via the platform, and a multi-round public auction for sites attracting more than one bidder.

The ministry further noted that the scale of investment commitments in this round supports the development of underexplored greenfield areas and helps unlock the Kingdom’s estimated mineral wealth of SAR9.4 trillion, thereby strengthening the resilience of mineral supply chains.

The ministry confirmed that licensing will continue through the 10th round, spanning 13,000 km2 across Madinah, Makkah, Riyadh, Qassim, and Hail. It will include new sites that extend the mineralized belts offered in the ninth round.

The ministry will announce additional exploration and investment opportunities for 2026 at the fifth edition of the Future Minerals Forum (FMF), scheduled to take place in Riyadh from January 13 to 15.

These efforts are part of the Kingdom’s comprehensive strategy for the mining and mineral industries, aimed at maximizing the value of mineral resources, attracting global investment, creating jobs, enhancing value-chain integration, and reinforcing Saudi Arabia’s position as a global mining hub, in line with the ambitions of Vision 2030, it stressed.

Business

Expo 2030 Riyadh Awards the Main Utilities and Infrastructure Works Package

The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity. (SPA)
The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity. (SPA)
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Expo 2030 Riyadh Awards the Main Utilities and Infrastructure Works Package

The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity. (SPA)
The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity. (SPA)

In a step aimed at advancing construction activities, Expo 2030 Riyadh awarded its Main Utilities and Civil Works package to Nesma and Partners - marking a significant moment in the journey to bring to life one of the most ambitious global mega-events ever developed.

The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity.

In a statement on Wednesday, Expo 2030 Riyadh Company said the Main Utilities and Infrastructure Works package aims to prepare the site for subsequent construction phases and supports the operational requirements of the event itself.

The scope of work includes constructing roads within the Expo site and installing essential utilities that will form the infrastructure backbone of the entire development.

Around 50 kilometers of infrastructure networks will be delivered as part of this package – including water, sewage, EV charging stations, and electrical and communication systems. Together, these works are essential to support the next stages of master plan development and allow Expo 2030 Riyadh’s experience-defining structures to take shape.

CEO of Expo 2030 Riyadh Company Talal Al-Marri said: “This milestone marks an important step in accelerating construction activities in the Expo 2030 Riyadh site. By moving early on the infrastructure that underpins the entire site, we are creating the conditions for safe, coordinated, and high-quality delivery across all future phases of development, while ensuring a lasting legacy well beyond 2030.”

“The contract has been awarded ahead of schedule to accelerate the delivery timeline as part of a phased approach that will see construction across infrastructure, buildings, and public spaces advance steadily through 2026 and into early 2027,” he stressed.

President and Chief Executive Officer of Nesma and Partners Samer Abdul Samad said: “We are proud to be entrusted with delivering this phase of infrastructure for Expo 2030 Riyadh. This project is not only about scale, but also about precision, integration, and responsibility.”

“Our focus will be on delivering high-quality infrastructure that supports the ambition of Expo 2030 Riyadh and sets a strong foundation for everything that follows,” he added.

Expo 2030 Riyadh Company has embedded high standards for quality, sustainability, innovation, worker welfare, and health and safety into the delivery of the works, reinforcing its commitment to responsible construction and creating a safe, inclusive environment for everyone involved in the program.