Consortium to oversee new Dubai refinery
Dubai, September 29, 2013
A new project consortium will be created to oversee the front-end engineering design, green-field project financing and process flow management of the recently signed deal between Dubai and China’s Sonangol for a state-of-the-art refinery.
Sheikh Ahmed Bin Saeed Al Maktoum, chairman of the Dubai Supreme Council of Energy and president, Dubai Civil Aviation Authority, and Sam Pai, chairman of China Sonangol Group, recently signed the deal to establish a crude oil refinery in Dubai.
The agreement mandates China Sonangol International to set up the project.
The refinery will process end products for domestic use as well as targeted international markets.
With upstream and downstream oil and gas operations in Asia and Africa, China Sonangol will bring its expertise and resources in mobilizing the project consortium.
Dubai-based Noor Investment Group will act as the financial advisor to Dubai Supreme Council of Energy.
The initiative marks yet another step by the Dubai Government to address the increasing energy requirements of a rapidly growing economy, said a statement.
The set-up of the refinery comes at a time when the country’s non-oil economy is forecast to expand 4.5 per cent in 2013, the fastest pace since 2008 according to data compiled by Bloomberg and International Monetary Fund estimates.
Fitted out with advanced technology, the refinery will seek to ensure the sustained supply of refined end products for the emirate’s future energy consumption while further augmenting Dubai’s export portfolio. – TradeArabia News Service
More Energy, Oil & Gas Stories
- Egypt to permit factories to use coal for energy
- ME oil, gas transaction value up 15pc
- Victrex to showcase new product in Paris
- Aramco JV puts off giant refinery overhaul to 2015
- Libya threatens to bomb N Korean tanker
- Bahrain 'producing 850MW of surplus power'
- 2,000 experts for Bahrain geosciences summit
- Libyan rebels start oil exports, bypassing govt
- Dubai drilling company set for London IPO
- Opec output soars on higher Iraq exports
- S Korea to pay Iran $550m under nuke deal
- Qatar LPG exports will stay unchanged till 2018
- $14bn Bahrain energy sector focus for summit
- Iraq now world's fastest-growing oil exporter
- Old IT systems pose risk to oil firms
- Thomson Reuters adds commodity monitoring tool
- Oil below $90 to hit GCC economies
- GlassPoint appoints new Oman director
- Sheffield company opens Dubai hub
- Oman targets big rise in gas output
- Intertek buys UAE firm for $66m
- Qaiwan to tender Baizan refinery EPC contract
- Al Maha wins Oman Air fuel supply deal
- Iran to become top gas importer by 2025
- UAE hydrocarbon projects seen hitting $11bn
- Summit focus on occupational safety
- Aramco names new senior VP
- Siemens gets $253m Qatar power contract
- Taqa-led group's India deal worth $1.6bn
- Taqa-led group to buy India power plants