(MENAFN- Muscat Daily) IBD Group recently signed a preliminary agreement with the government of Argentina represented by its embassy in Rome to explore possibilities of setting up a heavy oil refinery in the South American country.
The agreement was signed in the capital of Italy on September 1.
IBD Group was represented by its president and chief executive officer Sayyid Mohamed al Said.
The Argentinian delegation included Doris Capurro vice president of communications at YPF (Argentina's state owned oil and gas company); Claudio Andreoli a major food and agriculture producer; Ider Jose Pedretti president of the general economic federation in Argentina; and Eduardo Eurnekian a prominent businessman an IBD press release said.
The IBD delegation included Nader Zaid business development director and Stefano Donzelli manager of sales at Foster Wheeler Italy - which already has a joint venture in Oman with IBD.
'In collaboration with our alliance partner Foster Wheeler Engineering Co a leader in refinery technology and currently executing FEED for the Duqm Refinery we are confident of the right partner to assess the viability of the refinery' said Sayyid Mohamed.
A number of international companies have expressed interest in developing the refinery in Argentina. Besides the refinery the agreement will allow IBD to explore possibilities of developing and utilising shale gas reserves recently discovered in Argentina which are considered to be among the largest in the world.
The refinery development if proven viable will be extended into petrochemical industries and fertiliser plants the press release added.
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