UAE: Government in JV Talks on Oman Refinery
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Thursday, 12 January 2012 |
The United Arab Emirates is in talks with Oman with a view to jointly producing a refinery at Duqm on the Omani east coast. In a statement published on the Economic Ministry websites, UAE Minister of the Economy Sultan bin Saeed al-Mansouri (pictured) confirmed that he met with officials in Muscat to discuss the project.
“We discussed the refinery project in the area of Duqm, a joint project between the two countries,” he remarked following the visit. Oman has recently begun a drive to invest in its downstream sector as domestic oil consumption grows rapidly. The Government has planned investments of up to $15bn in pretrochemical and instrastructure projects at the port of Duqm alone over the next ten years.
The facility currently being discussed by the two Governments would have a 230,000 bpd capacity and be a joint venture between Abu Dhabi's International Petroleum Investment Company and the state-run Oman Oil Company.
PetrolWorld 12012012
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