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FINANCIAL NEWS
Oman to boost oil output at Sohar refinery by 50%
08 Oct 2011
(MENAFN) Chief executive of Oil Refineries and Petroleum Industries Company (ORPIC) revealed a plan to boost oil output by 50 percent at Sohar refinery by 2016 in order to meet the growing local demand, reported reuters.
He added that the vehicle ownership in Oman remains 55-60 percent below its gulf neighbors, leaving plenty of room for rapid growth over the next few years.
Oman’s oil consumption has more than doubled over the last decade, thanks to energy-intensive industry growth and an expanding vehicle fleet which has driven substantial growth for fuel over the last five years.
ORPIC seeks from the refinery expansion to ensure fuel exports will continue, mostly to Asia.
ORPIC is conducting the front-end engineering design work and plans to tender for the engineering, procurement and construction phase in 2012.
Oman’s Sohar refinery started production in 2006, and it currently produces up to 116,000 barrels per day of fuel.
ORPIC’s integrated complex includes a plant to produce industrial chemicals and it exports around 1 million tons of aromatics every year.
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