Oman Oil Company and the International Petroleum Investment Company (IPIC) of Abu Dhabi are finalising a feasibility study to determine the capacity of their planned refinery and petrochemical complex at Duqm port district, estimated to cost $6bn.
The study for the project, to be built on the Omani coast, is scheduled to be completed in the next one or two months.
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The 230,000 barrel per day refinery project at Duqm was originally planned at the end of 2006, but got delayed due to cost escalation.
Duqm Special Economic Zone Authority has already reserved land for the project at Duqm, which will take five years to complete, reports the Times of Oman.
Oman has been investing in refineries to help meet rising domestic oil consumption which has more than doubled over the last decade.
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By GlobalData
