Early May African and Middle Eastern downstream update

Ghana

Tullow Ghana Limited has said that the Tema Refinery cannot refine the crude oil being produced at the Jubilee Oil Field. The crude oil is a premium quality sweet, light oil and requires a refinery built to specification to be able to refine it. Retrofitting Tema, or building a new refinery to the specification of the crude oil from the Jubilee Field, would cost approximately US$ 1 billion.

Iran

Iran’s Deputy Oil minister has announced that US$ 600 million will be earmarked for the completion of the Persian Gulf Star Refinery, taking the total spend to US$ 1.4 billion. Once the refinery comes on stream, it will have the capacity to refine 360 000 bpd. The refinery will be implemented in three 120 000 barrel phases and the first phase will be inaugurated within two and half years. The construction progress is currently approximately 40% complete.

Nigeria

Plans are in motion to build a refinery in Lekki, Lagos, as part of the industrial park complex in the zone. Work on the construction of the proposed 200 000 – 300 000 bpd Lekki Greenfield refinery is due to begin shortly.

UAE

The Abu Dhabi Oil Refining Company’s (Takreer) US$ 10 billion Ruwais Refinery expansion project is on schedule to be completed by end 2013. The project, upon its completion, will increase Takreer's refining capacity by 417 000 bpd and nearly double its production of transportation fuels.

The combined refining capacity at Takreer's two Abu Dhabi refineries is currently approximately 490 000 barrels per day. The expansion of its Ruwais facility will boost Takreer's overall refining capacity to nearly 1 million barrels of refined products per day.

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