Source: International Petroleum Investment Company
International Petroleum Investment Company (IPIC) is proceeding with the implementation of a 200,000 bbls/day Refinery at Fujairah at an estimated cost of US $ 3 billion.
The Fujairah Refinery project is a strategic initiative of the Government. The Fujairah Refinery will be located near the new Abu Dhabi crude oil pipeline Main Oil Terminal and the UAE deep water export terminals in Fujairah, and will be designed to process UAE crudes such as Murban, Upper Zakum and Dubai. A number of financing options, including, but not limited to, project financing are under consideration.
The refinery is expected to create more than 750 job opportunities out of which 375 to 400 wil be for UAE Nationals, once it comes into operation.
The Project Management Consultancy (PMC) contract for the front end engineering and design phase of the Fujairah Refinery has been awarded to Shaw Stone & Webster in April 2011. The project is currently in its pre-front end engineering and design phase (Pre-FEED), with project completion anticipated to occur by mid 2016.
IPIC is giving this project high priority and importance. So that the refinery will have the capability to meet its own power requirements, In addition power will be provided to the grid of the Northern Emirates.
Khadem Al Qubaisi commented, ”This is an exciting opportunity to combine IPIC’s financial strength and experience of existing portfolio of companies in implementing this project. The refinery project in addition to being of strategic importance will create social and economic benefits for Fujairah and other Northern Emirates as well as creating employment opportunities during the operational phase in the UAE.”