Oman Oil & IPIC Enter MoU
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Thursday, 08 October 2009 |
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Oman Oil Company S.A.O.C (OOC) and International Petroleum Investment
Company (IPIC) entered into a Memorandum of Understanding (MoU) of
joint co-operation between the two companies with regard to the
potential development of a refinery and petrochemical complex at Duqm,
Oman
The MoU was signed by Mr. Khadem Al Qubaisi, Managing Director, on
behalf of IPIC and by Mr. Ahmed Al Wahaibi, CEO, on behalf of
OOC. The MoU will entail an in-depth assessment of the both the
feasibility, and implementation of the proposed project. The proposed
site for the project is in the Duqm Port district of the Sultanate of
Oman.
Mr Ahmed Al Wahaibi commented: "The prospect of constructing refinery
and petrochemical facilities at Duqm is important, not only for OOC and
IPIC, but also for the Sultanate's economy. IPIC is a very solid
company and we look forward to a successful and profitable partnership."
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. "We anticipate
commissioning the necessary studies, including important feasibility
and marketing analysis for the project, in the very near future,"
revealed Mr. Wahaibi.
Mr. Khadem Al Qubaisi, commented, "We are delighted to have the
opportunity to participate in this project and are excited by the
commercial potential of our partnership. We see significant synergistic
potential between IPIC and Oman Oil, our cooperation will be beneficial
for both IPIC and OOC and create social and economic benefits for UAE
and Oman."
The Duqm Refinery and Petrochemical Complex will play a significant
role in Oman's plans to diversify and develop the economy. The
Sultanate is currently pushing forward with major infrastructure
projects intended to continue to strengthen Oman's reputation as a
country of viable investment opportunities.
PetrolWorld 071009
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