As part of its intensified investment drive in refining and petrochemicals International Petroleum Investment Company (Ipic) plans to go ahead with construction of a major grassroots refinery in Fujairah and two other in Morocco and Pakistan, depite a sharp rise in capital requirement because of high construction costs. IC plans an estimated investment of nearly US$3 bln (Dh11 bln) in a joint refining venture in Morocco, US$5 bln in the refining project in Pakistan and between US$6-10 bln in the Fujairah refinery. Project costs are estimated to have nearly doubled in the past five years.
21-Jun-08 
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