Oman Oil Company and IPIC announce agreement to assess feasibility to develop a Refinery

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October 08, 2009

Oman Oil Company and International Petroleum Investment Company announce agreement to assess feasibility to develop a Refinery and Petrochemical complex at Duqm, Oman.

Oman Oil Company S.A.O.C (“OOC”) and International Petroleum Investment Company (“IPIC”) today entered into a memorandum of understanding of joint co-operation between the two companies with regard to the potential development of a Refinery and Petrochemical complex at Duqm, Oman. The MOU was signed by Mr. Khadem Al Qubaisi, Managing Director, on behalf of IPIC and by Mr. Ahmed Al Wahaibi, CEO, on behalf of OOC.

The memorandum of understanding will entail an in-depth assessment of the both the feasibility, and implementation of the proposed project. The proposed site for the project is in the Duqm Port district of the Sultanate of Oman.

Mr Ahmed Al Wahaibi commented: “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. IPIC is a very solid company and we look forward to a successful and profitable partnership.

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. “We anticipate commissioning the necessary studies, including important
feasibility and marketing analysis for the project, in the very near future” revealed Mr. Wahaibi.
Mr. Khadem Al Qubaisi, commented “We are delighted to have the opportunity to participate in this project and are excited by the commercial potential of our partnership. 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”.
The Duqm Refinery and Petrochemical Complex will play a significant role in Oman’s plans to diversify and develop the economy. The Sultanate is currently pushing forward with major infrastructure projects intended to continue to strengthen Oman’s reputation as a country of viable investment opportunities.

Oman Oil Company S.A.O.C. is wholly owned by the Government of the Sultanate of Oman, (“OOC”). The company was established in 1996 to give the Government another vehicle for pursuing investment opportunities in the energy sector both inside and outside Oman. OOC managed, in a relatively short period of time, to contribute to the development of many important projects in energy and energy related areas. Through this participation, OOC plays a key role in the Sultanate’s efforts to diversify the Omani economy and help generate Omani and foreign private sector investment.

OOC seeks diversity while expanding its income base and continue to explore new long-term investment opportunities. OOC portfolio includes more than 30 projects covering areas, in addition to refining and petrochemicals, including exploration and production,, infrastructure, shipping, trading, power and marketing of petroleum products.

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