A trade mission from the UAE is in the Phillipines investigating business opportunities in the petrochemicals and property sectors.
Bilateral trade between the Phillipines and UAE amounted to US$ 515 million in 2012.
UAE Economy Minister Sultan Bin Saeed Al-Mansouri said: ‘I think we can do better than this’.
Iraq has started construction on a long planned refinery in southern Karbala.
The planned 140 000 bpd refinery, which will contain more than 20 processing units to produce liquefied natural gas, gasoline, gas oil, fuel oil, jet fuel, and asphalt meeting international standards equivalent to European production, will serve growing Iraqi demand, according to Minister of oil Abdulkareem Liaybi.
The joint venture behind the project is led by Hyundai Engineering and Construction, with a 37.5% stake worth US$ 2.265 billion. GS Engineering and Construction also holds a 37.5% stake, while SK Engineering and construction holds a 25% stake.
France’s Technip will take charge of project management and consultancy for the refinery.
The Karbala project is part of Iraq’s longer term plan to construct four refineries in an effort to add 750 000 bpd of refining capacity. The additional planned projects include a 300 000 bpd Nassiriya refinery as well as two additional refineries in Maysan and Kirkuk, each with a capacity of 150 000 bpd.
The 120 000 bpd Byco Oil Pakistan Limited (BOPL) has been working smoothly since being commissioned late last week. The refinery is currently operating at an initial capacity of 50 000 bpd.
Edited from various sources by Emma McAleavey.
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