The second study for the joint project estimated to cost $6bn, will determine the size of the project on the Omani coast.

The investment for the 230,000 barrel per day refinery plant will be split evenly with Oman Oil.

Duqm Special Economic Zone Authority has already reserved land for the project, which will take five years to complete after which downstream projects will also be considered, according to Times of Oman.

The project is expected to be the third and the biggest refinery in the Sultanate, after Mina Al Fahal and Sohar and would help meet rising domestic oil consumption due to energy-intensive industrial growth.