Oman, IPIC sign memorandum on refinery, chem complex

06 October 2009 21:41  [Source: ICIS news]

HOUSTON (ICIS news)--Oman Oil Company (OOC) and International Petroleum Investment Company (IPIC) entered into a memorandum of understanding (MOU) for the potential development of a refinery and petrochemical complex at the Oman port of Duqm, Oman’s state news agency said on Tuesday.

“The MOU will entail an in-depth assessment of the both the feasibility and implementation of the proposed project,” the Oman News Agency said. “The final configuration will be based upon detailed feasibility and marketing studies, which will be undertaken by OOC and IPIC in conjunction with international consultants.”

"The prospect of construction refinery and petrochemical facilities at [Duqm] is important, not only for OOC and IPIC, but also for the [Oman] Sultanate's economy,” said OOC chief executive Ahmed al Wahaibi in a statement.

OOC is owned by the government of the Sultanate of Oman and IPIC is owned by the government of the emirate of Abu Dhabi.

Earlier plans for the complex included a refining capacity of 300,000 bbl/day and one of the world's largest polypropylene (PP) plants and mixed feedstock aromatics facilities.

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By: Brian Ford
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