ABU DHABI, UAE, May 20, 2019 (GlobeNewswire) Brooge Petroleum and Gas Investment Co (“BPGIC”) and Sahara Energy Resources DMCC Dubai (“Sahara Energy”) have announced plans to set up an oil refinery to produce bunker fuel with a capacity of up to 250,000 barrel per day (bpd) in the Emirate of Fujairah, UAE (the “Facility”).
BPGIC and Sahara Energy said the Facility will be one of the first of its kind in the Middle East and North Africa to comply with the new regulations of the International Maritime Organization (IMO) 2020 by capping sulfur content in shipping fuels.
The first phase of the planned refinery is expected to be completed by Q 1 2020,
Nico Paardenkooper, CEO of BPGIC, stated “The new facility will contribute to bolstering the growing status of the Emirate of Fujairah in the Oil & Gas industry and help meet the growing demand for shipping fuel that complies with the new international laws on capping sulfur content in shipping fuels, as most of current shipping fuel contains up to 3.5% Sulphur.” New regulations of IMO will require ships to use fuels with a Sulphur content below 0.5% beginning in 2020. He further noted “It falls in line with the company’s expansion strategy and its growing contribution to the development of the Oil & Gas industry in the UAE by injecting more investments into this essential sector,”
Wale Ajibade, Executive Director of Sahara Energy, stated that “The Refinery’s location in Fujairah, UAE makes Sahara Energy a major supplier of IMO 2020 compliant products in the Gulf as well as across African, Asian and European Markets. He further noted “Sahara Energy is delighted to be part of this landmark leap into the future of clean energy. We are constantly seeking opportunities to expand our operations and develop the sector in line with global best practices. Bringing energy to life is the passion that drives us at Sahara Energy and we are committed to ensuring that our energy is accessible, clean and ultimately reliable for promoting sustainable development globally.”
Mr. Paardenkooper also commented on the process BPGIC commenced in April to be listed on the Nasdaq Stock Exchange in the US, via the merger into an existing publicly listed SPAC (NASDAQ: BROG). Mr. Paardenkooper stated “We believe a listing on Nasdaq will be a resounding success in building up investor confidence in the company and facilitate its future expansion and growth plans.”
Wale Ajibade also added “Sahara Energy continues to operate as foremost promoter of clean energy initiatives, working in collaboration with prominent global stakeholders. In addition to other interventions, Sahara Group recently signed a Memorandum of Understanding with the United Nations Development Programme (UNDP) to promote reliable access to affordable and sustainable energy in Africa.”
For media inquiries, please contact:
Faisel Selim, Chief Marketing Officer
Brooge Petroleum and Gas Investment Company
Mobile: +1 917 293 1407
SOURCE: Brooge Petroleum and Gas Investment Company