By OGJ editors
HOUSTON, July 19 -- ConocoPhillips and International Petroleum Investment Co. (IPIC) of Abu Dhabi agreed to conduct a feasibility study regarding construction of a 500,000 b/d refinery in Fujairah, UAE.
If the firms decide to proceed with the project after completion of the study, it is expected that ConocoPhillips and IPIC would form a joint venture to own and operate the refinery, with IPIC owning 51% and ConocoPhillips holding 49%.
ConocoPhillips and IPIC also signed a memorandum of understanding to identify upstream and downstream opportunities for joint investment.