IPIC gets go-ahead fro refinery project

13/04/2011 - Dubai Lifestyle News Posted by Bob Brunskill
IPIC gets go-ahead fro refinery project

The Abu Dhabi government-owned International Petroleum Investment Company (IPIC) has announced that it is going ahead with a proposed $3 billion refinery at Fujairah in the north of the United Arab Emirates.According to the IPIC, the 200,000 barrel per day oil refinery will be located near Abu Dhabi's main oil pipeline and deep water export terminals in Fujairah, Reuters.com reports."It will be designed to process UAE crudes such as Murban, Upper Zakum and Dubai," it said."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," commented Khadem al Quabisi, managing director of IPIC.A statement explained that various financing options including project financing are under consideration for the project.