Abu Dhabi's IPIC builds $3bn refinery in Fujairah, UAE

15 April 2011 04:27  [Source: ICIS news]

SINGAPORE (ICIS)--International Petroleum Investment Co (IPIC), the energy investment arm of the Abu Dhabi government, will proceed with a planned construction of a 200,000 bbl/day refinery at Fujairah in the UAE.

The project is estimated to cost $3bn (€2.1bn), IPIC said late on Thursday.

“The Fujairah Refinery will be located near the new Abu Dhabi crude oil pipeline Main Oil Terminal and the UAE deep water export terminals in Fujairah, and will be designed to process UAE crudes such as Murban, Upper Zakum and Dubai,” IPIC said in a statement.

Financing options for the project are being considered, the company said.

“The refinery project, in addition to being of strategic importance, will create social and economic benefits for Fujairah and other northern emirates as well as creating employment opportunities during the operational phase in the UAE,” said IPIC managing director, Khadem Al Qubaisi.

More than 750 jobs are expected to be created once the refinery becomes operational, IPIC said.

The project is in its pre-front end engineering and design (pre-FEED) phase, with project completion expected to occur by the middle of 2016, the company added.

IPIC said it has appointed Shaw Stone & Webster as the project management consultant for the Fujairah refinery.

($1 = €0.69)


By: Pearl Bantillo
+65 6780 4359



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