Abu Dhabi’s International Petroleum Investment Co. (IPIC) is planning to complete construction of a 200 000 bpd oil refinery in the Fujairah emirate by the end of 2016.
The project will cost in the region of US$ 3 billion, and would be sited near the outlet of a 1.5 million bpd oil pipeline running to the coast and set to be completed this year.
Meanwhile, Kuwait Petroleum International (KPI) is expected to choose a foreign investment partner within six months for an oil refining and petrochemical joint venture with Sinopec.
China has approved the US$ 9 billion project, which will be built in the southern coastal city of Zhanjiang. The move will ensure that Kuwait has a dependable outlet for its crude. Kuwait is the world’s fourth largest crude exporter and is aiming to more than double its exports to China to 500 000 bpd.