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The state-owned Oman Oil Company (OOC) and the Abu Dhabi sovereign wealth fund the International Petroleum Investment Company (IPIC) have announced that they signed a memorandum of understanding (MoU) regarding the potential development of a US$7 billion refinery and petrochemical complex at Duqm, Oman.
In a statement the companies said that the The MoU was signed in order to carry out a detailed assessment of the proposed project located in the Duqm Port district of the Sultanate of Oman.
“The final configuration will be based upon detailed feasibility and marketing studies which will be undertaken by OOC and IPIC in conjunction with international consultants,” Ahmed Al Wahaibi, CEO of OOC said.
“We anticipate commissioning the necessary studies, including important feasibility and marketing analysis for the project, in the very near future,” he added.
The statement also said that the proposed refinery ands petrochemicals complex is part of Oman’s plans to diversify and develop its economy and is part of a multi-billion dollar investment plan aimed at improving the infrastructure of the GCC country.
