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Abu Dhabi Oil Refining Company Closes $9.6 Billion Dollar Deal

Middle East : 14 March 2010

An Oil Refining Company based in Abu Dhabi has just agreed a deal stated to be worth in the region of $9.6 billion. This deal has been reached following negotiations with a number of Korean companies. This Abu Dhabi Oil Refining company which is known as Takreer is hoping that this venture will increase their oil refining capacity by up to 50%. Among the elements agreed in this new venture are deals to contract construction and commissioning work to their new Korean partners.

The company’s oil refining capacity is aiming to at least double its output of transportation fuels. Agreements have now been signed with a number of companies and Takreer will utilize these companies’ technologies by using many of their new innovative, time saving products.

Takreer now also predict that this new venture will begin to fulfill its target objectives to supply high quality petroleum products both to the Middle East and to the global Oil products market. They are also envisaging that the demand for these finished products will meet their future projected specifications. Takreer’s initial projection includes supplying the petrochemical industry with at over 1 and a half million tonnes of propylene per year. This they are hoping will subsequently lead to an overall reduction of investment and operating costs for Takreer.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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