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.
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