Fujairah-based Brooge Energy has signed an agreement to develop a 25,000 barrel per day fuel refinery with an oil trading company.
Nasdaq-listed Brooge did not disclose the name of the trading company, which will sublet the site and foot the full cost of constructing the refinery, it said.
Brooge will assume responsibility for the operations and will earn revenue from tolling fees on a take-or-pay basis. The tolling contract with the oil trader is valid for 20 years.
“The modular refinery will be focused on producing very low sulphur fuel oil and will be fully compliant with the new IMO [International Maritime Organisation] 2020 very low sulphur rule," said Nicolaas Paardenkooper, chief executive at of Brooge Energy.
The IMO reduced the limits on the amount of sulphur allowed in shipping fuel in January last year to 0.5 per cent, from 3.5 per cent previously, as it looked to lower the volume of the toxic chemicals released into the world’s oceans.
Although demand for shipping fuel is estimated to have fallen 4.3 per cent last year due to the Covid-19 crises and a decline in international trade, the market for very low sulphur fuel increased by 1.4 million barrels per day as a result of the new rules, according to the International Energy Agency.
The outlook for very low-sulphur fuel oil is expected to increase over the coming years as countries look to decarbonise the energy sector amid global efforts to reach net carbon neutrality by mid-century.
"With the UAE adding to its oil production capacity, which we anticipate will drive demand for refining services for both the domestic and export market, we believe this is an opportune time to enter this segment of the oil industry," Mr Paardenkooper said.
Brooge will focus on the operational aspect of the plant, with the additional revenue earned from the toll fees helping to boost its revenue.
The midstream storage provider said in April that it planned to issue $500 million worth of new shares to fund its phase three expansion plans.
Last year, Brooge Petroleum and Gas Investment Company, a subsidiary of Brooge Energy, signed a land lease deal with the Fujairah Oil Industrial Zone for a 450,000 square metre plot of land on which the firm plans to develop its phase III refinery.
Brooge's phase three project is set to be around three-and-a-half times the size of its operations once work on phase two work completes, by which time it will have a storage capacity of 1 million cubic metres.
BPGIC intends to use the land to house extra storage and refinery facilities and that initial studies suggest the land could house storage tanks with a capacity of 3.5 million cubic metres and a refinery capable of handling up to 180,000 barrels per day.
Brooge Energy reported a profit of $17.2 m on revenue of $41.8m for 2020, compared to a loss of $75.3m on revenue of $44.1m in 2019.
MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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COMPANY%20PROFILE
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
FIXTURES
New Zealand v France, second Test
Saturday, 12.35pm (UAE)
Auckland, New Zealand
South Africa v Wales
Sunday, 12.40am (UAE), San Juan, Argentina
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Company%20Profile
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High profile Al Shabab attacks
- 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
- 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
- 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
- 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
- 2016: An attack on a Kenyan military base in El Adde Somalia kills 180 soldiers.
- 2017: A suicide truck bombing outside the Safari Hotel in Mogadishu kills 587 people and destroys several city blocks, making it the deadliest attack by the group and the worst in Somalia’s history.
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Reputation
Taylor Swift
(Big Machine Records)
