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UAE-based terminal operator Brooge Petroleum and Gas Investment Company (BPGIC) is to build a new refinery in Fujairah. The proposed refinery will produce 250,000 barrels/day of bunker fuel, according to a company statement.
The first phase of the refinery is planned to be complete by Q1 2020. The company will comply with International Maritime Organisation (IMO) 2020 regulations to cap sulphur content in bunker fuel to under 0.5%, making it a first of its kind in the MENA region to provide ships with cleaner fuel.
Accounting for approximately 4.2% of global oil production, the UAE is a major player in the crude oil storage industry. Hubs such as Fujairah – the second-largest bunkering port in the world behind Singapore – make it an important docking area to fuel ships. The Port of Fujairah currently has the capacity to handle as much as 60 million barrels of crude and oil products. This will likely increase with the new refinery project. Last year, BPGIC planned to add 600,000 cubic metres of storage capacity to its existing, approximately 400,000 cubic metres, by Q2 2020.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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