| Country |
: |
UAE |
| Project Value |
: |
USD 3,000,000,000 Estimated |
| Sector |
: |
Oil and Gas | Refinery |
|
Consultants |
: |
Wood Mackenzie
(Feasibility Study) |
Foster Wheeler International
(Advisor overseeing Feasibility Study) |
Stone & Webster International Incorporated
(Pre-FEED) |
|
PMC |
: |
Stone & Webster International Incorporated
(Overseeing FEED) |
| Profile Type |
: |
Standalone Project
|
|
Phase:
FEED - Bid Evaluation
|
|
Completion: Q3 2016
|
|
|
|
| Background |
International Petroleum Investment CompanyInternational Petroleum Investment Company (IPICIPIC) plans to build a refinery in Fujairah, UAE.
The refinery aims at serving the global market.
The refinery was expected to have a capacity of 500,000 bpd and a petrochemical complex; however, the refinery was downgraded to a capacity of 200,000 bpd and the petrochemical complex was discarded.
Feedstock will be supplied from Abu Dhabi's Upper Zakum Field through a 350 Km main oil line (MOL) pipeline.
Foster WheelerFoster Wheeler carried out the original study.
Wood Mackenzie is the feasibility study consultant.
Shaw Stone & WebsterShaw Stone & Webster is the PMC overseeing the FEED study and the pre-FEED study consultant. |
| Expected Events |
| Schedule |
Contract Phase/Phase |
Description |
| Jun 2012 |
FEED | Contract expected to be awarded | | Q1 2013 | FEED | Study expected to be completed
|
| Q1 2013 |
EPC | Tendering and bidding process expected to be launched
|
| Q3 2016 |
Completion | Project expected to be completed
|
|
| Latest Events |
In April 2012, the technical bids for the FEED study contract were submitted.
In end of June 2012, the FEED study contract is expected to be awarded.
In Q1 2013, the FEED study is expected to be completed and the tendering and bidding for the EPC contract is expected to be launched.
In Q3 2016, the project is expected to be completed (delayed from 2010). |
| Previous Events |
In February 2012, the tendering and bidding process for the FEED study contract was launched.
In January 2012, the pre-FEED study was completed.
In October 2011, the pre-FEED study was ongoing.
In May 2011, the pre-FEED study started.
In April 2011, the pre-FEED study contract and the PMC contract overseeing the FEED study were awarded to Shaw Stone & WebsterShaw Stone & Webster.
In December 2010, the feasibility study was ongoing.
On 19 July 2010, the new feasibility study contract was awarded to Wood Mackenzie. The contract includes a market study and a technical and commercial evaluation. Foster WheelerFoster Wheeler is the adviser for Wood Mackenzie on the new study.
In December 2009, studies to ensure cost reduction were in progress.
In March 2009, IPICIPIC decided on securing additional plots for the refinery due to a space shortfall.
In January 2009, IPICIPIC decided to review the project due to the economical situation.
In Q2 2008, the refinery was downgraded from 500,000 bpd to 200,000 bpd. An associated petrochemical complex was supposed to be implemented within the project but was discarded.
In September 2007, ConocoPhillipsConocoPhillips withdrew from the project due to the rising cost of the project. IPICIPIC confirmed its commitment to implement the project and was in discussions with an International Oil Company (IOC) to develop the refinery as a joint venture. IPICIPIC was making further studies to reduce the cost of the project by optimizing the project's processing scheme and size of the units.
In Q1 2007, the initial feasibility study was completed.
In July 2006, IPICIPIC signed with ConocoPhillipsConocoPhillips a heads of agreement (HOA) to conduct a feasibility study. Under the agreement it was expected that ConocoPhillipsConocoPhillips and IPICIPIC would form a joint venture to own and operate the refinery that would be 51% owned by IPICIPIC and 49% by ConocoPhillipsConocoPhillips. |
| Scope of Work |
Construction of a 200,000 bpd refinery and a 350 Km pipeline with related facilities. |
| Financing Source |
In December 2009, final investment decision on the refinery were delayed to ensure maximum cost savings. |
| Project News |
|
|
| Schedule | Contract Phase/Phase | Description |
| Jul 2006 |
Study | Heads of agreement signed between IPICIPIC & ConocoPhillipsConocoPhillips
|
| Q1 2007 |
Study | Initial feasibility Study completed
|
| Sep 2007 |
Study | ConocoPhillipsConocoPhillips withdrew from the project
|
| Q2 2008 |
Planning | Capacity downgraded
|
| Jan 2009 |
Study | Project revised
|
| 19 Jul 2010 |
Study | New feasibility study contract awarded to Wood Mackenzie
|
| Apr 2011 |
PMC | Contract overseeing FEED study contract awarded to Shaw Stone & WebsterShaw Stone & Webster | | | FEED | Pre-FEED contract awarded to Shaw Stone & WebsterShaw Stone & Webster
|
| May 2011 |
FEED | Pre-FEED study started
|
| Jan 2012 |
FEED | Pre-FEED study completed
|
| Feb 2012 |
FEED | Tendering and bidding process launched
|
| Apr 2012 |
FEED | Technical bids submitted
|
| Jun 2012 |
FEED | Contract expected to be awarded
|
| Q1 2013 |
FEED | Study expected to be completed | | | EPC | Tendering and bidding process expected to be launched
|
| Q3 2016 |
Completion | Project expected to be completed
|
|
|
|
 |
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