November 18, 2023 [Arab News]- An oil refinery is one of six major national projects completed by Oman’s Investment Authority, with a value of over 4 billion Omani rials ($10.3 billion).
These initiatives form part of the National Development portfolio, aimed at bolstering economic diversification, stimulating regional development, attracting investments, and generating employment opportunities, particularly for small and medium-sized enterprises.
The Duqm Refinery and Petrochemical Industries project is the most significant venture, and is poised to transform the port town into a major industrial and economic hub in the region.
The initiative comprises a refinery with a capacity of 230,000 barrels per day, producing various petroleum products.
It also includes storage and export facilities at Duqm Port and an 81 km pipeline from Ras Markaz to the refinery, according to a report by the state-owned Oman News Agency.
In Al-Wusta Governorate, the Ras Markaz Crude Oil Storage Terminal underpins government efforts in economic diversification.
This facility holds a storage capacity of up to 200 million barrels, significantly enhancing Oman’s crude oil storage capabilities and export potential.
The Duqm Integrated Power and Water Project in Duqm, with a capacity of 326 megawatts of electricity and 36,000 cubic meters of water per day, aims to support industrial development in the Special Economic Zone at Duqm by catering to the energy and water needs of heavy industrial companies.
Another strategic initiative, the Rabt project in Duqm, comprises 660 km of transmission lines and five main stations.
This project is set to improve the efficiency and integration of the National Electricity Transmission network, focusing on renewable energy sources.
The Khuweimah Shrimp Farm project in Jalan Bani Bu Ali, South Ash Sharqiyah governorate, aims to achieve food security and leverage local raw materials.
The farm, spanning 200 hectares, includes shrimp cultivation and processing facilities with an annual production capacity of 4,000 tons.
Lastly, with its 304 rooms and suites, the JW Marriott Hotel Muscat represents Oman’s focus on tourism development.
This project aligns with the country’s efforts to diversify its economy, boosting the tourism sector’s contribution to the gross domestic product and creating direct job opportunities for the local workforce.
Oman releases 3 electronic platforms to boost investment climate
Oman’s Ministry of Commerce, Industry, and Investment Promotion has inaugurated three digital platforms in Muscat to boost its investment potential.
The Oman for Business, Hazm, and Maroof Oman platforms represent a significant leap toward comprehensive digital transformation in a bid to bolster the country’s business landscape.
Oman for Business streamlines the process for foreign investors to start businesses, while Hazm ensures consumer safety and streamlines customs processes.
Maroof Oman enhances the legal and regulatory framework for e-commerce, fostering a more efficient, secure online business environment.
These initiatives mark a strategic move toward modernizing Oman’s economy and simplifying commercial activities.
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