Oman Oil Co and the UAE's International Petroleum Investment Co have formed a joint venture to build and operate a refinery and petrochemical complex in Duqm, located in Oman's South-West Al Wusta region, the Oman News Agency reported on Monday.
OOC and IPIC will be 50:50 owners of the joint venture, Duqm Refinery and Petrochemical Industries LLC.
Duqm Refinery and Petrochemical Industries will together build the 230,000 b/d refinery in Duqm by 2017. The second phase of investments will focus on development of a petrochemical complex. ONA did not provide details on the second phase.
Oman is planning up to $15 billion worth of new petrochemical, refinery and infrastructure projects over the next 10 years, Oman's local media reported in May. The lion's share of the investments will be made in Duqm, Oman's local media reported.
