Energy companies launch venture for Oman refinery

By the Associated Press | June 26, 2012 | 4:16 AM EDT

DUBAI, United Arab Emirates (AP) — Government-owned energy companies in Oman and the United Arab Emirates are launching a joint venture to build an oil refinery and petrochemical complex in a port town on Oman's Arabian Sea coast.

The Oman Oil Company and the UAE's International Petroleum Investment Company said in a statement sent Tuesday the refinery in Duqm will have a have a capacity of 230,000 barrels per day. It is slated for completion in 2017.

The refinery complex would be built at a later stage.

No financial details were given, but previous estimates have put the cost of the refinery at $6 billion.

IPIC is controlled by the emirate of Abu Dhabi, which controls the bulk of the UAE's oil reserves and serves as the federation's capital.