Ashurst advised Kuwait Petroleum International (KPI), a subsidiary of Kuwait Petroleum Corporation, on its joint venture with Oman Oil Company to develop a major new green-field crude oil refinery and a petrochemical complex strategically located within the Special Economic Zone of Duqm in the Sultanate of Oman and valued at US$6 billion.
KPI completed its purchase of a 50 per cent interest in Duqm Refinery and Petrochemical Industries Company in February 2018. Once completed the refinery, which will be built over a total of area of 900 hectares, will have the capacity to process around 230,000 barrels of crude oil per day. The refinery will process Kuwaiti crude oil providing an important strategic outlet to Kuwaiti’s crude oil.
Ashurst advised Kuwait Petroleum on the deal with a team led by partners Renad Younes (picture) and David Charlier, supported by senior associate Brad Sandford and associate Raquel Tarancon Plata.
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