psql connection option: statement_timeout

Hello All,

I am something of a newbie and I am trying to understand how to pass
connection options using the psql client. My understanding is that it
is possible to do this as part of the psql connection event.
I am on Mint and my PostgreSQL Server version = 9.3.13.

I am trying to connect to an instance on a different machine (also 9.3.13).
The following works:
psql -U username -h 192.x.x.x <enter>

But when I try to set the statement like this it fails:
psql -U username -h 192.x.x.x statement_timeout=1000

I get the following "invalid connection option" I am less concerned
with actually setting this parameter than I am learning how to pass or
set connection options when I log in. If it is a case where this
particular option cannot be set as part of the connection string that is
fine. But that leads me to ask what options can I set as part of the
connection string?
I have looked here:
https://www.postgresql.org/docs/9.3/static/app-psql.html
and here:
https://www.postgresql.org/docs/9.3/static/runtime-config-client.html

I suspect I am close, but I can't seem to figure out where I am going awry.
Any thoughts?

Thanks in advance.