Petrixo Oil & Gas is set to invest $800mn in the construction of a biofuel refinery in Fujairah.
The Dubai-based company said that it has completed the preparation of studies and engineering designs, and selected the required technologies to set up the facility in the eastern Emirate.
The refinery has a design capacity of one million tonnes per year of biofuel products, which include bio-diesel, green fiesel, bio-jet, bio-naphtha and bio-LPG.
Petrixo has incorporated a consortium of major international companies and financial institutions to set up the project, which will be built on a 460,000m² area of land in proximity to Fujairah Free Zone & Port of Fujairah.
Company sources stated that the main idea of the project is to produce bio-diesel for global and the Gulf market.