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)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections