IPIC Plans to Invest $13 Billion to Construct Petroleum Refineries

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Researched by Industrial Info Resources (Sugar Land, Texas)--The International Petroleum Investment Company (IPIC) (Abu Dhabi, United Arab Emirates) is planning to build refineries that are expected to have a total refinery capacity of 850,000 barrels per day. The company is planning to construct a refinery in Al Fujayrah, United Arab Emirates (UAE), with a capacity of 400,000 barrels per day; a 250,000-barrel-per-day refinery in Karachi, Pakistan; and a 200,000-barrel-per-day refinery in Algiers, Algeria. The refinery in Pakistan has received the go-ahead and is expected to begin construction in 2008. The other two refineries are still in the study phase and are expected to begin construction in late 2009. The refineries are expected to commence operations between 2011 and 2012.

Founded in 1984, IPIC is a 50-50 joint venture between Abu Dhabi Investment Authority and Abu Dhabi National Oil Company. IPIC is governed by an eight-member board of directors. The company invests in oil-related projects for Abu Dhabi's government. IPIC controls more than 90% of the oil reserves of the UAE, which is the world's sixth-largest oil exporter.

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