Emirates Business 24/7 reported that Abu Dhabi and Oman have signed an agreement to set up a refinery in the Sultanate with an output capacity of 230,000 barrels per day to be followed by a petrochemical complex.

The refinery in the southern industrial port of Duqm will be equally owned by the International Petroleum Investment Company and Oman Oil Company which both are controlled by their respective governments.

According to the official Omani News Agency, the agreement created a joint venture called Duqm Refinery and Petrochemical Industries and the refinery will be completed by 2017.

Mr Nasser bin Khamis Al Jashmi undersecretary of the Oil and Gas Ministry and chairman of OOC said that the development of the refinery and petrochemical complex is considered to be one of the most important investment projects as it will play a vital role in supporting the oil and petrochemical industries in Oman due to the strategic location of the Duqm area, adjacent to one of the world's key shipping trade routes.

Mr Khadem Abdullah al Qubaisi MD of IPIC said that "We are determined to put all necessary efforts to see the project is successfully commissioned in 2017 and there is no doubt our solid partnership with Oman Oil Company gives us confidence in achieving that."

Source - Emirates Business 24/7

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