Pexels/Rasmus Andersen
Refined product exports up 185%
Duqm Refinery increased production
Non-oil exports fell
Oman’s exports grew last year as a result of a sharp increase in oil refining production following the Duqm Refinery becoming operational, official figures show.
Export of refined products surged by around 185 percent last year following the start-up of the $9 billion Duqm Refinery, a joint venture between Omani government-owned OQ and Kuwait Petroleum International, a subsidiary of the state-owned Kuwait Petroleum Corporation.
In February 2024, owners reported that the Duqm Refinery on Oman’s eastern coast was running at full output capacity of nearly 230,000 barrels per day.
Figures published on Wednesday by Oman’s National Centre for Statistics and Information showed the value of Oman’s refined exports jumped to around OR3.854 billion ($10 billion) in 2024 from about OR1.35 billion ($3.51 billion) in 2023.
The increase resulted in Oman’s total exports increasing by nearly 7 percent to OR24.2 billion ($63 billion) from OR22.7 billion ($59 billion) in the same period.
However, non-oil exports plunged by nearly 16 percent to around OR6.2 billion, the report said.
Oman’s total imports grew by around 12 percent to OR16.7 billion. Therefore, the trade balance remained in a surplus of around $19.5 billion in 2024, slightly below the 2023 surplus of around $20.2 billion.
