DUBAI, United Arab Emirates (AP) - 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.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.