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- Dubai 05:42 06:57 12:35 15:43 18:08 19:24
Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Supreme Energy Council of Dubai and President, Dubai Civil Aviation Authority, with Sam Pai, Chairman, China Sonangol Group (second from left) at the signing ceremony of the planned oil refinery project in Dubai. Also present were Hussain Al Qemzi, Group CEO, Noor Investment Group (second from right); Dr. Ahmed Al Janahi, Deputy Group CEO, Noor Investment Group (first from right); Alain Fanaie, CEO, China Sonangol International (first from left), and Saadaat Yaqub, Head - Debt Capital Markets and FI, Investment Banking, Noor Islamic Bank (second row). (SUPPLIED)
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy and President of the Dubai Civil Aviation Authority, has signed a memorandum of understanding (MoU) with Sam Pai, Chairman, China Sonangol Group.
The agreement mandates China Sonangol International to set up a crude oil refinery in Dubai.
The state-of-the-art refinery will process end products for domestic use as well as targeted international markets.
For this purpose, a project consortium will be created to oversee the front-end engineering design, green-field project financing and process flow management. With upstream and downstream oil and gas operations in Asia and Africa, China Sonangol will bring its expertise and resources in mobilising the project consortium.
Dubai-based Noor Investment Group will act as the financial advisor to Dubai Supreme Council of Energy.
The initiative marks yet another step by the Dubai Government to address the increasing energy requirements of a rapidly growing economy.
The set-up of the refinery comes at a time when the country’s non-oil economy is forecast to expand 4.5 per cent in 2013, the fastest pace since 2008 according to data compiled by Bloomberg and International Monetary Fund estimates. Fitted out with advanced technology, the refinery will seek to ensure the sustained supply of refined end products for the emirate’s future energy consumption while further augmenting Dubai’s export portfolio.
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