Duqm Refinery and Petrochemical Industries Company (DRPIC) held its first Board of Directors’ meeting in Abu Dhabi at International Petroleum Investment Company’s (IPIC) headquarters. Ahmed bin Salim al Wahaibi, Chief Executive Officer (CEO) of Oman Oil Company (OOC), was appointed Chairman while Khadem bin Abdullah al Qubaisi, Managing Director of IPI, was chosen as Vice Chairman of DRPIC Board of Directors.
Other announcements include Christopher Wszolek assigned as project director, and that Shaw Energy andChemicals Limited selected as the Project Management Consultancy. The Board also approved the company’s budget for 2012. Ahmed bin Salim al Wahaibi said that the steps taken by the Board of Directors marks the start of work on the project and that the pace from now on will accelerate the join co-operation towards realising the objectives of the joint investment between OOC and IPIC.
He also emphasised that this project will play a vital role in supporting the oil and petrochemical industries in the Sultanate, due to its strategic location and size, and create many jobs for Omani nationals. Khadem bin Abdullah 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, the first phase of the project, is recognised 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. OOC is a commercial company wholly owned by Government of Oman. Incorporated in 1996 to invest in the energy sector both locally and internationally, OOC plays an important role in the Sultanate’s efforts to diversify the economy and promote foreign investment. The company’s holdings are diversified across the energy value chain and include exploration and production, energy infrastructure, refining and marketing, petrochemicals, Aluminum and power.
IPIC is wholly owned by the Government of Abu Dhabi. Its mandate is to invest in the hydrocarbon sector outside Abu Dhabi. 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