OQ & partners invest $2.825bn in Al Wusta Governorate

By Shilpa Annie Joseph, Official Reporter
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OQ and partners invest in Al Wusta Governorate
Rep. Image | Courtesy : OQ

OQ and its partners are investing billions in the Al Wusta Governorate in order to boost the local economy and promote social and economic development.

This investment is aligned with their social responsibility goals and aims to support the growth of local companies, provide job opportunities, and enhance innovation in small and medium enterprises.

The expenditure by OQ and its partners in Al Wusta Governorate on goods and services from local suppliers in Oman has reached $2.825 billion.

This investment focuses on maximizing local value addition and creating economic momentum in Al Wusta Governorate and other regions, contributing to various economic activities and social development.

Duqm Refinery, a joint project between OQ and Kuwait Integrated Petroleum Industries Company, has spent $2.534 billion on goods and services during the construction stages. This includes significant investments in small and medium enterprises, local companies, and national industries, demonstrating a commitment to supporting local businesses and industries.

OQ also signed agreements to support the health sector in Al Wusta Governorate, financing projects such as the Emergency and Accidents Unit at health centers.

The Ras Markaz Crude Oil Storage Project, managed by Oman Tank Terminal Company (OTTCO), is another significant initiative in Al Wusta Governorate to enhance economic diversification and sustainability. This project has invested in local value addition, providing contracts to local companies, purchases from local suppliers, and support for SMEs. Marafiq, a joint project between OQ and Gulf Energy Development, has also contributed to local value addition in Al Wusta Governorate.

According to the statement, “The investments and initiatives by OQ and its partners in Al Wusta Governorate are driving economic growth, supporting local businesses, and enhancing social development. These projects aim to create sustainable opportunities for the community, foster innovation in small and medium enterprises, and contribute to the overall prosperity of the region.”

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