IPIC Hosts the First Board of Directors Meeting of Duqm Refinery and Petrochemical Industries Company in Abu Dhabi

Duqm Refinery and Petrochemical Indus- tries Company, which is owned 50/50 by Oman Oil Company (OOC) and Internation- al Petroleum Investment Company (IPIC), held its first Board of Directors meeting in Abu Dhabi at IPIC`s headquarters on Tuesday 31 July 2012. Mr. Ahmed Al Wahaibi, CEO of OOC, was appointed as Chairman while Mr. Khadem Al Qubaisi, Managing Director of IPIC, was chosen as Vice Chairman of the Board of Directors. Other announcements include that Mr. Christopher Wszolek, who brings 30 years` experience in developing refinery and petrochemical industries, is assigned as project director, and that Shaw Energy &Chemicals Limited has been selected as the Project Management Consultancy. The Board also approved the company`s budget for 2012. Mr. Al Wahaibi said that the steps taken by the Board of Directors marks the start of actual work on the project and that the pace from now on will accelerate the join co-operation toward realizing the objectives of this joint investment between OOC and IPIC. He also emphasized this Project will play a vital role in supporting the oil and petrochemical industries in Oman, due to its strategic location and size, and create many jobs for Omani nationals. Mr. Khadem Al Qubaisi commented that the joint venture project will enhance the international reputation of both companies in the refining and petrochemical industries and that this project will give rise to development of additional related downstream projects. The Duqm refinery, which is the first phase of the project, is recognized as one of biggest project in the Duqm free zone area and expected to have a capacity of 230,000 barrels per day and to be commissioned on 2017. The second phase of the project will see the development of a petrochemical complex.