IPIC, OOC to build refinery, petrochemical complex in Duqm, Oman

26 June 2012 14:24 Source:ICIS News

LONDON (ICIS)--Oman Oil Company (OCC) and Abu Dhabi government-owned International Petroleum Investment Company (IPIC) have formed a joint venture to develop a refinery and petrochemical complex in Duqm, Oman, IPIC said late on Monday.

The joint venture, Duqm Refinery and Petrochemical Industries, is a 50:50 ownership between the two companies, IPIC added.

Financial details of the project were not disclosed.

IPIC said the refinery, which is the first phase of the project, is expected to have a capacity of 230,000 bbl/day and is expected to be completed by 2017.

The second phase of the project will see the development of a petrochemical complex, it added. Capacity details of the petrochemical complex were not disclosed.

Nasser bin Khamis Al Jashmi, undersecretary of ministry of oil and gas and chairman of OOC, said the development of the refinery and petrochemical complex is considered to be one of the most important investment projects in the Oman region.

“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,” he added.

The OOC chairman said the commitment from the two companies emphasises the importance of the project in verifying the income of Oman and providing job opportunities to Omanis.

Khadem Al Qubaisi, managing director of IPIC, said: “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.”

By Leigh Stringer