Oman Oil Company and International Petroleum Investment Company Announce Agreement to Assess Feasibility to Develop a Refinery and Petro- Chemical Complex at Duqm

Oman Oil Company S.A.O.C (“OOC”) and International Petroleum Investment Company (“IPIC”) today entered into a memorandum of understanding of joint cooperation between the two companies with regard to the potential development of a Refinery and Petrochemical complex at Duqm, Oman. The MOU was signed by Mr. Khadem Al Qubaisi, Managing Director, on behalf of IPIC and by Mr. Ahmed Al Wahaibi, CEO, on behalf of OOC. The memorandum of understanding will entail an in-depth assessment of the both the feasibility, and implementation of the proposed project. The proposed site for the project is in the Duqm Port district of the Sultanate of Oman. Mr Ahmed Al Wahaibi commented: “The prospect of constructing refinery and petrochemical facilities at Duqm is important, not only for OOC and IPIC, but also for the Sultanate’s economy. IPIC is a very solid company and we look forward to a successful and profitable partnership. The final con- figuration will be based upon detailed feasibility and marketing studies which will be undertaken by OOC and IPIC in conjunction with international consultants. “We anticipate commissioning the necessary studies, including important feasibility and marketing analysis for the project, in the very near future” revealed Mr. Wahaibi. Mr. Khadem Al Qubaisi, commented “We are delighted to have the opportunity to participate in this project and are excited by the commercial potential of our partnership. We see significant synergistic potential between IPIC and Oman Oil, our cooperation will be beneficial for both IPIC and OOC and create social and economic benefits for UAE and Oman”. The Duqm Refinery and Petrochemical Complex will play a significant role in Oman’s plans to diversify and develop the economy. The Sultanate is currently pushing forward with major infrastructure projects intended to continue to strengthen Oman’s reputation as a country of viable investment opportunities. IPIC is wholly owned by the Government of the Emirate of Abu Dhabi. Its mandate is to invest in the hydrocarbon sector outside the Emirate of Abu Dhabi. IPIC looks to earn a commercial rate of return on its investments and is a long-term equity investor. IPIC has become one of the leading companies in the field of petroleum and energy investment since its inception in 1984. It plays an active role in the development of the petrochemical sector in Abu Dhabi through facilitating joint ventures, which benefit from the technology and operating resources of companies in IPIC’s portfolio and Abu Dhabi’s feedstock advantages. IPIC holds equity stakes in Borealis & OMV in Austria and Germany (1998 & 1994, respectively), Aabar in Abu Dhabi (2008), Hyundai Oil- bank in South Korea (1999), Gulf Energy Maritime in Dubai (2004), CEPSA in Spain (1988), Oman Polypropylene in the Sultanate of Oman (2006), PARCO Refinery in Pakistan (1995), SUMED Company in Egypt (1995), Energia De Portugal in Portugal (2008), COSMO Oil in Japan (2007), MAN Forrestal in Germany (2008), Oil Search in Australia (2008) and Nova Chemicals (2009). It`s estimated net worth is more than $14 billion.