The US$6bn Duqm oil refinery project, which will have a capacity of 230,000 barrels per day, will be completed in the fourth quarter of 2017, according to Ahmed al Wahaibi, CEO of Oman Oil Company.
Speaking to the reporters on the sidelines of the Oman Economic Forum on Sunday, Wahaibi said that Oman Oil Company will have a 50 per cent stake in Duqm refinery, while Abu Dhabi's International Petroleum Investment Company (IPIC), the project partner, will hold the other 50 per cent stake.
He said, We are in the final stages of evaluating the project management company. We have set a completion target of the fourth quarter of 2017 for the project."
Oman Oil Company has partnerships with international companies on several projects in the sultanate, including Sohar Aluminium, OMIFCO, Vale and Salalah Methanol. Wahaibi said that Oman Oil is looking to expand its existing projects with hope for incremental gas supply from the government.
The major success factor in our projects is the availability of natural gas as most of our projects are gas-based.
Like any other company we want to go to the next phase of expansion. I hope the government will look at the issue of incremental gas supply for the expansion of existing projects and for new projects. We also want the government to continue its existing tax exemption for greenfield projects. Wahaibi added.
© Muscat Daily 2012
