Abu-Dhabi based Quality Energy Petro Holding is planning to build a 500,000 barrels-per-day refinery in the United Arab Emirates and another smaller plant in Russia, the company's chief executive said on Wednesday.
The UAE refinery has an estimated price tag of $12.8 billion, QE's Chief Executive Adil al-Otaiba said. Plans were at a preliminary stage, he added.
The decision to proceed with both the UAE and Russian plants would depend on securing a guaranteed supplier of crude locked into a 15-year contract, he added.
"The whole thing is a very, very early stage," he told Reuters, talking of the UAE refinery.
"The main issue is the supply of crude. If we can't find a way of doing it, then of course it will be cancelled."
QE was proposing that the Russian government undertake a crude swap with Iran to feed the plant in the UAE with Iranian crude, Otaiba said.
"That would be a better supply arrangement as it would be a government-to-government deal," he added. If Iranian crude were used as a feedstock, QE would look at building a pipeline from southern Iran to the UAE, he added. (Reuters)
The UAE refinery has an estimated price tag of $12.8 billion, QE's Chief Executive Adil al-Otaiba said. Plans were at a preliminary stage, he added.
The decision to proceed with both the UAE and Russian plants would depend on securing a guaranteed supplier of crude locked into a 15-year contract, he added.
"The whole thing is a very, very early stage," he told Reuters, talking of the UAE refinery.
"The main issue is the supply of crude. If we can't find a way of doing it, then of course it will be cancelled."
QE was proposing that the Russian government undertake a crude swap with Iran to feed the plant in the UAE with Iranian crude, Otaiba said.
"That would be a better supply arrangement as it would be a government-to-government deal," he added. If Iranian crude were used as a feedstock, QE would look at building a pipeline from southern Iran to the UAE, he added. (Reuters)
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