Oman Oil Company (OOC) and International Petroleum Investment Company (IPIC) announced the formation of a 50-50 joint venture company to own and manage the development of a refinery and petrochemicals complex planned in Duqm, Oman. The refinery, which is the first phase of the project, is expected to have a capacity of (230,000) barrels per day as it is expected to be completed by 2017, while the second phase of the project will focus on the development of a petrochemicals complex.
Established in 1996, Oman Oil Company’s activities include investing in companies with interests in the oil and gas, petrochemical, chemical and power industries. It also provides exploration, oil well and drilling fluid services; maritime transport, seaport services in Oman, storage and handling of petroleum products and chemicals; refining of crude oil; production of liquefied petroleum gas, naphtha, gasoline and diesel; manufacture of petrochemicals, fertilizers and metals; distribution and shipping of crude oil, petrochemicals, petroleum products, chemicals and natural gas. Furthermore, its activities encompass ownership and operation of power plants, gas stations, liquefied natural gas carriers, oil tankers and logistics terminal; aluminum smelting; electric power generation; project management services.
Established by the government of Abu Dhabi in 1984, International Petroleum Investment Company’s (IPIC) mandate is to invest in energy and energy-related industries across the world, in a commercially profitable manner. Since inception, IPIC has made investments across the hydrocarbon value chain, including downstream pipelines, refining and marketing, shipping and transportation, power and utilities, industrial services and petrochemicals. IPIC aims to realize attractive returns through investment leveraging its relationship with the Abu Dhabi government and the synergies across its investment portfolio, according to company sources.
The Mena Weekly Monitor – Bank Audi
27 June
IPIC and OOC to build a refinery and petrochemicals complex in Oman
The Mena Weekly Monitor - Bank Audi
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