The UAE has two refineries operated by ADNOC. The Ruwais refinery produces light products mainly for export to Japan and elsewhere in Asia. Fuel Oil from Ruwais is sold as bunkers by ADNOC and also used for domestic electric power generation. The Italian engineering firm Technip completed a $480 million expansion of the Ruwais complex to a capacity of 420,000 bbl/d in January 2006, including refits of existing units and expansion of units for production of unleaded Gasoline and low-sulfur fuel oil. Umm al-Nar, also owned by ADNOC, has a capacity of 88,000 bbl/d. Since its construction in 1976, the Umm al-Nar plant has undergone debottlenecking as Well as a recent expansion. UAE has three other refineries. The Emirates National Oil Company (ENOC) Jebal Ali condensate refinery, with a capacity of 120,000 bbl/d, began operations in Dubai in May 1999. Metro Oil has a 90,000-bbl/d refinery in Fujairah. A 71,250-bbl/d, second-hand unit was set up by the Sharjah Oil Refining Company in 2001. Also, a feasibility study on a possible new refinery in Fujairah is being undertaken. In October 1998, the International Petroleum Investment Company (IPIC), the UAEs downstream investment outfit, purchased 50 percent of the Hyundai Oil Refinery Company of South Korea for $500 million. The UAE is the second-largest Crude Oil supplier to South Korea after Saudi Arabia. IPICs overseas holdings also include a 10 percent stake in Spains CEPSA and a 19.6 percent share of Austrias OMV.