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IPIC considers new design for Fujairah refinery project
ABU DHABI — International Petroleum Investment Company (IPIC), an investment arm of Abu Dhabi, is awaiting feasibility study on a 150,000 barrel per day capacity, multi-billion dollar, oil refinery to be set up in Khalifa point, Pakistan.
"Once we receive the consultant's report, the governments of Pakistan and Abu Dhabi will take a final decision", said Mohammed Nasser Al Khaily, managing director of IPIC, at a ceremony organised to launch Austrian oil and gas company OMV's new regional office in Abu Dhabi. When asked about the estimated cost of the Pakistan project, he said: "Consultants are working on it."
About the Fujairah refinery project, he said that its cost according to the present design is very high. "We are considering other designs too. Nothing is final yet".
About the multi-million dollar Melamine project in Ruwais, the IPIC managing director said that an agreement has been signed between ADNOC and AMI. "We are working on the engineering designs and the project will go into tendering phase after finalisation of the design," he said.
Earlier, OMV Aktiengesellschaft, Central Europe's leading oil and gas group, launched its Abu Dhabi office in a move which will help it mainly concentrate on screening Middle East business opportunities. The close co-operation with International Petroleum Investment Company, OMV's second largest shareholder, will support the Austrian company's endeavours in the region. IPIC has been OMV's shareholder since 1994 and today it holds 17.6 per cent of the stock.
Gerhard Roiss, OMV deputy chairman responsible for refining, marketing and petrochemicals, said: "The partnership with IPIC has a long history and fully supports us in the implementation of our growth strategy in refining and marketing".
Mohamed Nasser Al Khaily said: "OMV has grown as Europe's leading oil and gas group, and is active in 29 countries on five continents. Their own office in the UAE capital will strengthen our relationship in the future even more."
With the newly established office, OMV will coordinate its interest in the PARCO refinery in Pakistan. In 1998, IPIC and OMV founded the Abu Dhabi Petroleum Investments Holding, which holds 40 per cent of Pak-Arab Refinery Company .
Helmut Langanger, OMV executive board member for exploration and production, said: "With this new office we will focus on reviewing opportunities for expanding our E&P activities in the Middle East. Additionally, our new office could serve as a hub for procurement, drilling and operational support."
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