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FINANCIAL NEWS
Oman’s USD6b Duqm refinery Okayed
28 Feb 2012
(MENAFN) Oman Oil Company and Abu Dhabi’s International Petroleum Company will launch a joint project to build a large refinery at Duqm, following the sultanate’s government green light, local media reported.
Head of Planning and Engineering at Duqm Special Economic Zone Authority Eng. Yahya bin Khamis Al Zadjali said that land has been reserved for the project at Duqm and it takes five years to complete the project.
Earlier reports estimated the cost of the refinery and petrochemical complex at USD6 billion, which will be split evenly between the two partners.
Al Zadjali said that the project will be linked with railway lines, indicationg that the project comprises a 900 Kilometers railway line between the UAE and Duqm in the first phase of the national railway development. Expected to start operation by 2018.
Duqm will be connected with Yemen in the second phase,” he said, adding; “It will make a lot of difference for Duqm.
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