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.
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…
Peak Oil Review 8 July 2019
Quote of the Week “Those production gains came even as the rig count has continued to slide. Longer laterals and more intense fracking operations have led to years of soaring output. The problem for shale companies is that the profits have never really arrived. The downturn in oil prices since the fourth quarter of last…
Icebreaker Diplomacy: Russia’s New-Old Strategy to Dominate the Arctic
Russia’s Baltic Shipyard (St. Petersburg) held a grand ceremony, on May 25, to celebrate the launching of the nuclear-powered Project 22220 (LK-60Ya) icebreaker Ural (Geoenergetika.ru, May 27, 2019). Following the festivities, Russian Central Bank head Elvira Nabiullina stated that the event would be further commemorated by issuing a special coin hailing the new Project 22220…