Are Plans for a New Oil Refinery in Dubai Viable? - Middle East Real Time - WSJ:
"Doubts are growing over the viability of Dubai’s recently announced plan to build a new oil refinery in the emirate with China Sonangol.
The region’s top financial hub last month signed a memorandum of understanding with China Sonangol International, a joint venture between Angola’s state-owned oil company, Sonangol and Hong Kong-based New Bright International Development, to build what will be its second oil refinery. The hope is to reduce Dubai’s reliance on imported fuels and allow the desert-city to export to international markets.
The proposed refinery’s capacity and a schedule for completion weren’t disclosed in the original announcement and a project consortium has yet to be created to oversee the front-end engineering design and green-field project financing."
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