Abu Dhabi's IPIC Approves $5B Morocco Refinery
Monday, June 16, 2008
Abu Dhabi's $10 billion oil and gas fund, International Petroleum Investment Co., or IPIC, has approved plans to build a 200,000-barrel a day refinery in Morocco, London-based Middle East Economic Digest reported Friday.
Abu Dhabi government-owned IPIC will develop the estimated $5 billion refinery at Jorf Lasfar, located at the country's west coast, the business weekly reported in its June 13 issue, citing sources involved in the project.
The refinery will supply refined products to the domestic market but no decision has been made on where to source the crude oil from, MEED cited the sources as saying.
Crude may be shipped from Abu Dhabi, the sources said, according to MEED.
Wood Mackenzie of the U.K. will soon complete a study determining the feasibility of the refinery, which is due to come on stream in 2013, MEED reported.
IPIC is also seeking to bring in an international oil company as technical partner in the refinery project, with Occidental Petroleum of the U.S. being one potential candidate, the sources said, MEED reported.
Source: Dow Jones Newswires
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