Since expanding its 197,000 b/d Sohar refinery in late 2017 (MEES, 23 February 2018), Oman has seen rapid growth in its exports of key refined products – diesel, jet-kerosene, gasoline and LPG – as it seeks to move up the value chain and maximize oil export revenue.
Products export leapt from just 9,000 b/d in 2016 to 85,000 b/d for 2018. Volumes dipped slightly to 79,000 b/d last year due to significant maintenance at Sohar in Q4 but shot back up to average 105,000 b/d for the first two months of 2019 (see chart 1), with February seeing record gasoline exports of 29,000 b/d. Further maintenance is not expected until February 2021 (this time at Oman’s other refinery, the 106,000 b/d Mina al-Fahal complex), and coupled with a marginal boost in crude output expected following the 1 April expiry of its Opec+ commitment, Muscat is well-poised for a year of record products exports. (CONTINUED - 825 WORDS)