Abu Dhabi government-owned International Petroleum Investment Company (IPIC) is studying plans for five refineries worldwide with a total investment of $20bn, a report said on Thursday.
IPIC is eyeing refinery projects in United Arab Emirates' Fujairah, Morocco, Oman, Pakistan and Jordan, either alone or with partners, London-based MEED magazine said.
The plans include a potential investment in Jordan Petroleum Refinery Co, which is looking at a $2bn revamp of its refinery in Al Zarqa area, the magazine said, citing sources close to the company. The firm had begun to study the projects in 2006 but had put the plans on hold at the end of 2008 when the global financial crisis hit.
IPIC is one of the vehicles used by Abu Dhabi to invest oil export revenues. Abu Dhabi pumps most of the oil produced in the United Arab Emirates, the world's third-largest oil exporter. (Reuters)For all the latest UAE news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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