Arabian Business reported that Abu Dhabi's International Petroleum Investment Company and Oman Oil Company have signed MoU for the potential development of a refinery and petrochemical complex.

The MoU which covers plans for the port district of Duqm, Oman was signed by Mr Khadem Al Qubaisi MD of IPIC and by Mr Ahmed Al Wahaibi CEO of OOC.

Mr Al Wahaibi said that the prospect of constructing refinery and petrochemical facilities at Duqm is important, not only for OOC and IPIC but also for the Sultanate's economy. He said that we anticipate commissioning the necessary studies, including important feasibility and marketing analysis for the project in the very near future.

The companies said that the Duqm refinery and petrochemical complex will play a significant role in Oman's plans to diversify and develop the economy.

Mr Al Qubaisi said that "We see significant synergistic potential between IPIC and Oman Oil, our cooperation will be beneficial for both IPIC and OOC and create social and economic benefits for UAE and Oman."

(Sourced from Arabianbusiness.com)