The wholly government owned investment entity Oman Oil Company (OOC) will shortly sign an agreement with Abu Dhabi’s International Petroleum Investment Company (IPIC) formalising their partnership in the joint development of the Sultanate’s third refinery at Duqm. The pact will pave the way for the establishment of a joint venture company to invest in, develop and implement the greenfield refinery project within the Special Economic Zone at Duqm. It will also enable the promoters to secure debt finance for the project, which is estimated to cost $6 billion.
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