China Sonangol sign an MOU for a crude oil refinery project in Dubai

On the 24th of September 2013, The Supreme Energy Council of Dubai, presided by His Highness Sheikh Ahmed Bin Saeed Al Maktoum, and China Sonangol International Pte Ltd represented by CEO Mr. Alain Fanaie signed a Memorandum of Understanding to build, own and operate a crude oil refinery in Dubai, the United Arab Emirates.

To be located in the vicinity of Dubai, this refinery will operate on state of the art technology to process a basket of end products for domestic use as well as targeted international markets. For this purpose, a project consortium is being formed with distribution of roles spanning 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 mobilizing the project consortium. The Dubai based Noor Investment Group will act as the financial advisor to The Supreme Energy Council with respect to project financing, equity participation and project commercialization.

The establishment of this refinery is aimed at ensuring the sufficient supply of refined end products for the future consumption of Dubai and UAE at large, while further redefining the export basket composition of Dubai in favor of value added refined ends.

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