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FINANCIAL NEWS
UAE, Oman in talks to set up refinery JV
11 Jan 2012
(MENAFN) The UAE’s minister of economy, Sultan Bin Saeed Al Mansouri, said that the country was in discussions with Oman in order to set up a refinery joint venture, reported Gulf News.
Al Mansouri added that the talks were about establishing a refinery in Oman’s Duqm area, on the country’s east coast, as the area represents a strategic investment for both countries.
On the other hand, he said that Oman Oil Company and Abu Dhabi’s International Petroleum Investment Co (IPIC) were considering establishing a 230,000 barrel per day (bpd) refinery together.
It is worth noting that the Omani government considers Duqm as the next industrial growth city, with investments of USD15 billion planned in new petrochemical and infrastructure projects at the port over the next decade.
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