DUBAI, United Arab Emirates - Government-owned energy companies in Oman and the United Arab Emirates are launching a joint venture to build an oil refinery and petrochemical complex in a port town on Oman's Arabian Sea coast.
The Oman Oil Company and the UAE's International Petroleum Investment Company said in a statement sent Tuesday the refinery in Duqm will have a have a capacity of 230,000 barrels per day. It is slated for completion in 2017.
The refinery complex would be built at a later stage.
No financial details were given, but previous estimates have put the cost of the refinery at $6 billion.
IPIC is controlled by the emirate of Abu Dhabi, which controls the bulk of the UAE's oil reserves and serves as the federation's capital.