Wednesday, 7 October 2009 at 09:37, Reuters, Muscat
Oman and Abu Dhabi's International Petroleum Investment Co (Ipic) signed an initial deal on Tuesday on a feasibility study for a refinery and petrochemicals project in the Omani port of Duqm, the state Oman News Agency said.
State-run Oman Oil Company signed the memorandum of understanding with Ipic, the news agency said.
Oman said in June it was looking for a partner to help it develop the 300,000 barrel-per-day Duqm refinery and petrochemicals complex.
The Gulf Arab state said in November project was among development plans that could face delays because of the global financial crisis.
Ipic invests in oil-related projects for the government of Abu Dhabi, capital of the UAE, which is the world's third-largest oil exporter.
The UAE said on Tuesday Ipic would handle the construction of a gas-powered electricity plant in the Dominican Republic, in which the Gulf state would invest $800 million.
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