ConocoPhillips and IPIC sign MOU to Identify Upstream and Downstream Projects

Source: www.gulfoilandgas.com 7/19/2006, Location: Middle East

ConocoPhillips and International Petroleum Investment Company (IPIC) of Abu Dhabi announced the signing of a Memorandum of Understanding (MOU) to identify new upstream and downstream opportunities for joint investment.

The parties also announced the signing of a Heads of Agreement (HOA) to conduct a feasibility study for construction of a world scale refinery in Fujairah, United Arab Emirates. The feasibility study will focus on developing the optimum configuration for the Fujairah Refinery Project, which would have a capacity of 500,000 barrels per day and serve global markets. Upon completion of the feasibility study, and if the parties decide to proceed with the project, it is expected that ConocoPhillips and IPIC would form a joint venture to own and operate the refinery that would be 51 percent owned by IPIC and 49 percent by ConocoPhillips.


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