The UAEs’ Brooge Petroleum and Gas Investment Co (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 Emirate of Fujairah, according a news report published by Emirates News Agency (WAM) on 13 May.
The report further stated that the company said the facility will be the first-of-its-kind in the Middle East and North Africa to comply with the new regulations of the International Maritime Organisation (IMO) for 2020 by capping sulphur content in shipping fuels.
The first phase of the planned refinery will be completed by Q1-2020, said Nicolaas Paardenkooper, BPGIC CEO, according to the news report.
"The new facility will contribute to bolstering the growing status of the Emirate 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," Paardenkooper commented.
"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," Paardenkooper noted.
As per the WAM report, 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.
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