Oman and Abu Dhabi join hands to develop refinery and petrochemicals complex in Duqm

26-Jun-12

Oman Oil Company (OOC) and International Petroleum Investment Company (IPIC), owned by the Government of Abu Dhabi have formed a joint venture company to own and manage the development of a refinery and petrochemicals complex planned in Duqm. OOC and IPIC will each own 50% stak in te new company to be named Duqm Refinery and Petrochemical Industries LLC. The refinery, which is the first phase of the project, is planned with a capacity of 230,000 bpd, and expected to be completed by 2017. The second phase of the project will focus on the development of a petrochemicals complex. The project gains significance due to its establishment at a strategic location like Duqm area and its vicinity to one of the world’s key maritime routes. OOC is a commercial company wholly owned by the Sultanate's government. It was incorporated in 1996 to invest in the energy sector, both locally and internationally. IPIC is wholly owned by the Government of the Emirate of Abu Dhabi as a mandate is to invest in the hydrocarbon sector beyond the Emirate of Abu Dhabi.