MOU Signed for New Oil Refinery in Panama

Qatar Petroleum International, Occidental Midstream Projects Ltd. (a subsidiary of Occidental Petroleum) and the Panama Government signed a Memorandum of Understanding (MOU) to develop an oil refinery in the Republic of Panama with design capacity of 350,000 barrels of crude oil per day, to meet the growing demand for fuel and oil derivatives for the local and neighboring markets.

The MOU was signed by H.E. Abdullah Bin Hamad AI-Attiyah, the Deputy Prime Minister and Minister of Energy and Industry on behalf of Qatar Petroleum International, H.E. Alejandro G. Ferrer, Minister of Commerce and Industry, on behalf of the Panama Government and Mr. John Morgan, President Oxy Oil & Gas, Western Hemisphere, of Occidental Petroleum Corporation.

H.E. Abdullah Bin Hamad AI-Attiyah said that signing of this MOU represented the implementation of the vision of H.H. the Emir, Sheikh Hamad Bin Khalifa AI-Thani, to enhance Qatar's economic position, mainly in the field of oil and gas.

H.E. AI-Attiyah also pointed out the importance of this achievement for Qatar Petroleum in its efforts to develop its investments abroad in the oil, gas, refining and petrochemical industries closer to international markets.

H.E. AI-Attiyah also added: "We are pleased to be partners in this project with Occidental with its international expertise in oil and gas, which enhances the existing long-standing partnership between us. We are also delighted to cooperate with the friendly Republic of Panama to develop investment opportunities in the petroleum industry and other sectors."

H.E. Ferrer, Minister of Commerce and Industry of Panama, said that he is pleased that the Republic of Panama was selected as the site where this refinery will be built. He added "it is time for Panama to maximize the value that our strategic position provides for the energy sector, and this project places Panama on the map of petroleum companies with excellent track records such as Qatar Petroleum and Occidental Petroleum."

Mr. John Morgan of Occidental said: "This step supports and enhances Occidental's existing relationship with Qatar Petroleum in the area of oil and gas, and this important refinery project will meet the growing energy needs of the Republic of Panama and the region."

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Posted 24/05/07

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