Abu Dhabi's International Petroleum Investment Company (IPIC) and Oman Oil Company (OOC) have signed a memorandum of understanding (MoU) for the potential development of a refinery and petrochemical complex.
The MoU, which covers plans for the port district of Duqm, Oman was signed by Khadem Al Qubaisi, managing director, IPIC and by Ahmed Al Wahaibi, CEO, OOC.
The MoU will include feasibility studies for the proposed project.
Al Wahaibi said:"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."
He added: "We anticipate commissioning the necessary studies, including important feasibility and marketing analysis for the project, in the very near future."
The Duqm refinery and petrochemical complex will play a significant role in Oman's plans to diversify and develop the economy, the companies said.
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.
Al Qubaisi said: "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."For all the latest energy and oil 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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.