Wednesday 19 October 2011

Abu Dhabi's IPIC eyes new Oman, UAE refineries - ArabianBusiness.com

International Petroleum Investment Company (IPIC) may spend $6.5bn on two oil refineries to be built in the UAE and Oman, according to documents released by the Abu Dhabi government-owned company.

The investment firm may spend $3.5bn to build a 200,000 barrel-a-day oil refinery at Fujairah on the UAE’s east coast, a bond prospectus posted on the London Stock Exchange website on Wednesday showed.

That’s an increase from the $3bn the company said it would spend on the project in a similar bond document released in March.
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