After completion, the refinery will process end products for domestic use as well as for international markets.
As per the plans, both companies intent to create a project consortium to oversee the front-end engineering design, project financing and process flow management.
China Sonangol will bring its expertise and resources in mobilizing the project consortium.
Dubai-based Noor Investment will act as the financial advisor to Dubai Supreme Council of Energy.
According to the data compiled by Bloomberg and International Monetary Fund estimates, Dubai’s non-oil economy is expected to expand 4.5% in 2013, the fastest pace since 2008.
Dubai Civil Aviation Authority said the refinery will seek to ensure the sustained supply of refined end products for the emirate’s future energy consumption while further augmenting the country’s export portfolio.
