MIDDLE EAST: BROOGE TO SET UP NEW FUJAIRAH OIL REFINERY
The facility, with a first phase slated for completion in Q1 2020, will produce IMO 2020-compliant fuel.
According to Reuters, Brooge Petroleum and Gas Investment Co (BPGIC) said that the capacity of the refinery will be 250,000 barrels per day.
The news follows on from last month’s
announcementthat Twelve Seas Investment, together with a recently-formed Cayman Islands holding company, will acquire 100% of the shares of Brooge Petroleum and Gas Investment Company in a $1 billion deal.
Twelve Seas is a company formed for the purpose of the business transaction, and after closing of the deal – which is expected to be late Q2/early Q3 – Brooge will become a wholly-owned subsidiary of Twelve Seas.
Brooge was established in 2013 in response to a requirement for oil storage capacity at the Port of Fujairah. The company is currently developing terminal storage in phases and is looking to have a total capacity of 1 million cbm following the scheduled completion of the second phase of construction by late Q2 or early Q3 in 2020.
Russia Says There’s Enough Oil in Global Stockpiles to Replace Lost Saudi Barrels
There is enough oil in global stockpiles to replace barrels Saudi Arabia has temporarily lost due to attacks on its oil facilities, Russia’s Energy Minister Alexander Novak, an ally of Riyadh in a pact to curb supply, told reporters on Monday. Following the strike on Saudi Arabia’s oil infrastructure, which shut about 5% of global…
Volume of SOCAR’s shipment via Georgian port disclosed
Presently, Azerbaijan state oil company SOCAR is the major supplier of natural gas, oil and oil products to Georgia. SOCAR’s subsidiaries are engaged in expansion and modernization of the country’s gas distribution systems, and development of filling stations under SOCAR’s brand. The company has an oil terminal in Georgia’s Kulevi Black Sea Port, which supplies…
EIA: This Week in Petroleum – 10 July 2019
Crude oil prices are forecast to remain relatively flat The U.S. Energy Information Administration (EIA) forecasts that Brent crude oil prices will average $67 per barrel (b) in 2019 and in 2020. EIA expects that West Texas Intermediate (WTI) crude oil prices will average $60/b in 2019 and $63/b in 2020. The forecast of relatively…