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IPIC going ahead with a proposed $3 billion refinery at Fujairah

April 15/2011

(Emirates 24/7 Business) -- International Petroleum Investment Company (Ipic), which is owned by the Abu Dhabi government, said it was going ahead with a proposed USD 3 bln refinery at Fujairah in the north of the United Arab Emirates.

The 200.000 barrel per day (bpd) oil refinery will be located near Abu Dhabi's main oil pipeline and deep water export terminals in Fujairah, Ipic said on Wednesday. "It will be designed to process UAE crudes such as Murban, Upper Zakum and Dubai," it said.

Shaw Stone and Webster has been awarded the project management consultancy contract for the front-end engineering and design (Feed), it said. The project is currently in the pre-Feed stage and project completion is scheduled for mid-2016.

"The refinery project in addition to being of strategic importance will create social and economic benefits for Fujairah and other Northern Emirates as well as creating employment opportunities during the operational phase in the UAE," said Khadem al Quabisi, managing director of Ipic, in a statement.

Various financing options including project financing are under consideration for the project, the statement said without giving details.

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