UAE-based Brooge Petroleum and Gas Investment Co (BPGIC) is planning to establish an oil refinery in the emirate of Fujairah with a capacity of 250,000 barrel per day (bpd) in accordance with the IMO 2020 regulations.
The first phase of the first of its kind refinery in the MENA region is set for completion in the first quarter of 2020, BPGIC said in a statement.
Nicolaas Paardenkooper, BPGIC of CEO, said: “It [the refinery] 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 also added BPGIC has been successfully listed on the Nasdaq Stock Exchange in April, a key step to boost investor confidence in the company.
The investment cost of the project was not disclosed.