Kuwait, 3 February 2026 – OQ, the global energy investment group, and Kuwait Petroleum International (KPI), the international arm of Kuwait Petroleum Corporation (KPC), have signed a Project Development Agreement of a jointly owned petrochemical complex in the Special Economic Zone at Duqm (SEZAD). Signed on the sidelines of the Kuwait Oil & Gas Show (KOGS 2026) by Ashraf Hamed Al Mamari, Group Chief Executive Officer of OQ, and Shafi Taleb Al Ajmi, Chief Executive Officer of KPI, the agreement reaffirms both parties’ commitment to advancing the Oman Petrochemical Project. The move reflects the project’s strategic significance and its pivotal role in strengthening regional cooperation and driving economic diversification efforts in line with Oman Vision 2040.

Ashraf Hamed Al Mamari, Group Chief Executive Officer of OQ, commented: "Our strong partnership with KPI provides an exceptional platform to advance this strategic venture. OQ and KPI have both the capability and resources to drive the project forward successfully. We are actively engaging with potential partners who share our vision of establishing Duqm as a premier global petrochemical hub."

Shafi Taleb Al Ajmi, CEO of Kuwait Petroleum International, added: "KPI maintains its steadfast commitment to this transformative project alongside our trusted partner, OQ. The Oman Petrochemical Project represents a pillar of Kuwait's downstream growth strategy and reflects our enduring partnership with Oman. We remain confident in the project's strong fundamentals and are collaborating closely with OQ to optimize its development framework."

The joint venture between OQ and KPI brings together complementary strengths and deep regional expertise to ensure project continuity. Both companies have allocated the necessary resources, with technical teams currently evaluating enhanced configurations to maximise the project's global competitiveness.

The renewed commitment between OQ and KPI reflects a clear future-focused effort to position Duqm as a globally competitive downstream hub. The project benefits from its strategic location within the Duqm Special Economic Zone, well-established infrastructure, competitive feedstock access and strong interest from regional and international partners. Through this collaboration, the Oman Petrochemical Project in Duqm advances Oman’s economic diversification while deepening energy cooperation across the Gulf.