Abu Dhabi government-owned International Petroleum Investment Company (IPIC) has delayed plans to set up a refinery in Pakistan and is reviewing its Fujairah refinery project, its CEO said on Saturday (10 January 2009).
Fujairah Refinery Delayed
A planned $6-7 billion refinery with capacity of 500,000 bpd in Fujairah in the UAE is also likely to be delayed, he said. "We are reviewing options. We are changing the configuration and making it smaller due to the demand-supply situation." he said.
Pipeline Still to Flow
But a 370 km (229.9 mile) crude oil pipeline from Abu Dhabi to Fujairah is on track for completion by early 2010, he said. It will carry 1.5 million bpd of crude for export from Fujairah.
The storage terminal at Fujairah will have capacity of up to 12 million barrels. "We will lease the storage facilities to Abu Dhabi National Oil Company or operate ourselves and charge ADNOC a tariff," he said.
To read the entire statement:
Stanley Carvalho, Abu Dhabi’s IPIC Delays Pakistan Refinery Plans, Reuters, 10 January 2009.
Dr Geoff Pound
Image: “The crude oil pipeline from Abu Dhabi to Fujairah is on track…”
Saturday, January 10, 2009
Posted by Geoff Pound at 8:43 PM