Abu Dhabi’s state investment company Mubadala has put construction of a 200,000 b/d refinery at the UAE’s Indian Ocean port of Fujairah back on the agenda. The $3.5bn project was conceived by former state investment firm IPIC, but abandoned in 2016.
Since the project was shelved, IPIC has been taken over by Mubadala. Now Mubadala is “assessing the potential Fujairah refinery project based on current market conditions,” according to a Mubadala executive quoted by Abu Dhabi daily The National. (CONTINUED - 848 WORDS)