News Post
Brooge Petroleum to build 250,000 bpd oil refinery in Jujairah
The United Arab Emirates’ Brooge Petroleum and Gas Investment Co (BPGIC) said that it plans to set up an oil refinery in Fujairah to produce bunker fuel that complies with new international laws capping sulfur content in shipping fuels.
The first phase of the planned 250,000 barrel per day (bpd) refinery will be completed in the first quarter of 2020, the company said in a statement.
New regulations from the International Maritime Organization (IMO) will require ships to use fuels with a sulfur content below 0.5% beginning in 2020. Current shipping fuel is much dirtier, with a higher sulfur content.
BPGIC said it would list on the Nasdaq stock exchange after merging with U.S.-based firm Twelve Seas Investment Co.
The $1 billion deal is expected to be finalised before July 1, Brooge said in a statement.
The move is part of the UAE-based oil storage company’s expansion strategy. BPGIC, which was set up in 2013, is one of the largest holders of storage assets in Fujairah.
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