Oman Oil Company has said it will go-ahead with plans to build a US$6 billion oil refinery at Duqm in a joint venture with Abu Dhabi’s International Petroleum Investment Company (IPIC).
This decision to go ahead with the large refinery follows the completion of a feasibility study for building a 230,000 barrel per day refinery and a petrochemical complex, reported The Times of Oman reported.
The refinery will be completed in five years.
“Land has been reserved for the project at Duqm and it takes five years to complete the project,” Yahya bin Khamis al Zadjali, head of planning and engineering at Duqm Special Economic Zone Authority, was quoted by the newspaper.
IPIC documents released last October said the two firms will split the US$6 billion investment evenly. The facility will be designed to use UAE and Omani crudes, it added.
