Brooge Petroleum & Gas Investment Co. and Sahara Energy Resources DMCC awarded a contract to Spain’s SENER group and Singapore-based Audex Pte. to build a new oil refinery in Fujairah in the United Arab Emirates.
The first phase of the planned 250,000 barrels a day refinery will be completed in the first quarter of 2020, the companies said in a joint statement. The refinery will produce bunker fuel that complies with new international laws that will cap sulfur content from next year.
Brooge, which plans to list on the Nasdaq in 2019, has oil storage facilities in the U.A.E. port of Fujairah. The port is among the world’s largest bunkering hubs.