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Mubadala Investment Company, Abu Dhabi’s US$125 billion strategic investment firm, has put building a major new refinery at the UAE’s Indian Ocean port of Fujairah back on the agenda, more than a year after the project was shelved.
It was put on hold partly because the responsible legacy company, International Petroleum Investment Co (Ipic), was being merged with Mubadala Development Company over the past year.
The oil price slump had also put some investments by the UAE Government’s investment companies under review.
However, the new petroleum and petrochemicals platform Mubadala Investment Company, the merger of which was officially completed last month, is reviewing its strategy, especially in terms of the long-term goals and energy security requirements of the country.
“In light of the merger between Ipic and Mubadala Development Company in May, the leadership of the new company Mubadala Investment Company is currently assessing the potential Fujairah refinery project based on current market conditions,” a Mubadala executive confirmed yesterday.
The original estimate for the 200,000 barrels per day (bpd) plant in Fujairah had been put at $3.5bn, with hundreds of jobs created for the construction phase.
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