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Sun 6 May 2007 06:13 PM

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$7bn price tag for Oman oil refinery

The sultanate's oil minister today disclosed the cost of the country's third oil plant.

Oman's oil minister said on Sunday a proposed refinery and petrochemical complex on Oman's south-east coast could cost more than $7 billion to develop.

Oman is considering building the refinery, the country's third, with a capacity of 200,000 to 300,000 barrels per day, a Ministry of Oil official told Reuters in December.

International Oil Daily reported in February that the government had hired Britain-based Jacob's Engineering to advise on the project and said it could cost as much as $7 billion to develop.

"It could be more than that," Mohammad bin Hamad al-Rumhy told reporters on the sidelines of a conference in Muscat when asked about the $7 billion cost. "We are discussing the initial feasibility study of the project submitted by our consultants."

Oman currently has two state-owned refineries -- Oman Refinery Company with a capacity of 106,000 barrels per day and Sohar Refinery Company with 116,400 barrels per day capacity.

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