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FINANCIAL NEWS
UAE- IPIC to set up USD1.36b Fujairah oil refinery
16 Jul 2012
(MENAFN) The International Petroleum Investment Company’s (IPIC) director-general, Khadem Abdullah Al Qubaisi, stated that the firm plans to establish a USD1.36 billion oil refinery in the emirate of Fujairah, reported Khaleej Times.
Al Qubaisi said that the company, which was behind the Abu Dhabi-Habshan oil pipeline project, will carry out technical and technological studies to set up the emirate’s largest oil refinery.
He added that the project may boost economic and social developments in Fujairah, creating around 300 vacancies for UAE nationals in its first phase.
It is worth noting that the Abu Dhabi-Habshan oil pipeline will export 1.5 million barrels per day (bpd) of crude oil through Fujairah, reaching 1.8 million barrels when demand on crude oil grows more than usual.
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