Authorities in Dubai have confirmed that a Memorandum of Understanding (MoU) has been signed with China Sonangol to build a crude oil refinery in the emirate
The agreement was signed by Sheikh Ahmed Bin Saeed Al Maktoum, chairman of the Dubai Supreme Council of Energy (DSCE) and Sam Pai, chairman of China Sonangol.
Authorities said the state-of-the-art refinery will process end products of crude for domestic as well as targeted international markets.
A project consortium will also be created to oversee the front-end engineering, design, green-field project financing and process flow management.
Dubai-based Noor Investment Group is expected to be the financial advisor to DSCE.
