BPGIC to build oil refinery to produce bunker fuel in Fujairah
Posted on 14th May 2019
According to *Tradearabia news report, UAE-based Brooge Petroleum and Gas Investment Company (BPGIC) has announced plans to set up an oil refinery to produce bunker fuel with a capacity of 250,000 barrel per day (bpd) in the northern emirate of Fujairah.
The company said the facility will be the first of its kind in the Middle East and North Africa (Mena) to comply with the new regulations of the International Maritime Organisation (IMO) 2020 by capping sulphur content in shipping fuels.
The first phase of the planned refinery will be completed by the first quarter of 2020, stated CEO Nicolaas Paardenkooper.
"The new facility will contribute to bolstering the growing status of Fujairah in the oil and gas industry and help meet the growing demand for shipping fuel that complies with the new international laws on capping sulphur content in shipping fuels," he added.
"It falls in line with the company's expansion strategy and its growing contribution to the development of the oil and gas industry in the UAE by injecting more investments into this essential sector," he noted.
Paardenkooper highlighted the listing of the company on Nasdaq Stock Exchange in April as a resounding success conducive to building up investor confidence in the company and its expansion plans.
New regulations of IMO will require ships to use fuels with a sulfur content below 0.5 per cent beginning in 2020. Current shipping fuel is much dirtier, with a higher sulphur content, he added.
*News source: http://tradearabia.com/news/OGN_354609.htmlBack to all Construction News
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