IPIC and Oman Oil Have Signed an Agreement for a New JV Refinery and Petrochemical Complex

Oman Oil Company (OOC) and International Petroleum Investment Company (IPIC) owned by the Government of Abu Dhabi, have announced the formation of a joint venture company to own and manage the development of the planned refinery and petrochemical complex in Duqm. (Picture: PROCESS India)

Two state–owned middle east oil giants team up: Oman's Oman Oil Company (OOC) and International Petroleum Investment Company (IPIC) owned by the Government of Abu Dhabi, will build a joint refinery and petrochemical complex in Duqm, Oman.

Dugm/Oman – “This project is a very important project for our two countries.. We are determined to put all necessary efforts to see the project is successfully commissioned in 2017 and there is no doubt our solid partnership with Oman Oil Company gives us confidence in achieving that,” commented H.E. Khadem Al Qubaisi, Managing Director of IPIC. The refinery, which is the first phase of the project, is expected to have a capacity of 230,000 barrels per day and is expected to be completed by 2017. The second phase of the project will see the development of a petrochemical complex.

230,000 Barrels per Day Refinery Capacity

Both partners agreed to share ownership and operations equally. A capital value was not disclose. The refinery, which is the first phase of the project, is expected to have a capacity of 230,000 barrels per day and is expected to be completed by 2017. The second phase of the project will see the development of a petrochemical complex.

Vital Position for Oman's Oil and Gas Industry

“It will play a vital role in supporting the oil and petrochemical industries in Oman due to the strategic location of the Duqm area, adjacent to one of the world’s key shipping trade routes,” believes H.E. Nasser bin Khamis Al Jashmi, Undersecretary of Ministry of Oil & Gas and Chairman of OOC, who considers the project to be one of the most important investment projects of his company.

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