International Petroleum Investment (IPIC), an Abu Dhabi-based petroleum company, says it will proceed with its 200,000 barrels a day refinery situated in Fujairah, United Arab Emirates (UAE), which is to cost around $3 billion (€2.07 billion).
The government is investing in the refinery and it will be situated near the new Abu Dhabi crude oil pipeline main oil terminal and the UAE deep water export terminals in Fujairah.
The refinery will process crudes from Murban, Upper Zakum and Dubai and is expected to create about 750 job opportunities, of which roughly half will be given to nationals.
The front end engineering and design of the project has been awarded to Shaw Stone & Webster and completion is expected for the middle of 2016.
The refinery will create its own power requirements and will also feed electricity onto the Northern Emirates grid.
Khadem Al Qubaisi, managing director of IPIC, says: ‘This is an exciting opportunity to combine IPIC’s financial strength and experience of existing portfolio of companies in implementing this project. The refinery project in addition to being of strategic importance will create social and economic benefits for Fujairah and other Northern Emirates as well as creating employment opportunities during the operational phase in the UAE.’