Abu Dhabi, Oman sign deal to build refineries

Abu Dhabi's IPIC and Oman Oil Company ink agreement to pave way for financing of projects
Abu Dhabi, Oman sign deal to build refineries
Abu Dhabis International Petroleum Investment Company (IPIC) has signed a deal with Oman Oil Company (OOC) to build refineries and petrochemical plants. (Getty Images)
By Andy Sambidge
Wed 20 Apr 2011 09:05 PM

Abu Dhabi's International Petroleum Investment Company (IPIC) said on Wednesday it had signed a deal with Oman Oil Company (OOC) to build refineries and petrochemical plants.

The cooperation agreement will pave the way for financing oil, gas and petrochemicals projects as well as the exchange of industry expertise.

The agreement was inked by Khadem al Qubaisi, managing director of IPIC, and Ahmed Al Wihaibi, CEO of OOC, state news agency WAM reported.

Al Qubaisi said he hoped the agreement would open up new avenues of joint investment cooperation locally and internationally.

He added that projects that would be undertaken under this partnership would create job opportunities to citizens of both countries.

Nasser bin Khamis Al Jashemi, chairman of OOC, said the two partners would cooperate in building refineries and petrochemicals plants and share know-how and technologies, without elaborating.

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