GulfNav subsidiary BPGIC has awarded a front-end engineering and design contract for the project, which will feature a refining unit capable of upgrading 15,000 barrels a day of naphtha to Euro-5 grade gasoline
Dubai-based Gulf Navigation Holding (GulfNav) has announced that its Fujairah-based subsidiary, Brooge Petroleum & Gas Investment Company (BPGIC), has awarded a front-end engineering and design (feed) contract for a project to upgrade its naphtha output to Euro 5-grade gasoline.
BPGIC has awarded the contract for feed works to PEG Engineering & Contracting, the Dubai-based subsidiary of Italy’s Progetti Europa & Global.
The first phase of the planned project will establish a refining facility with the capacity to upgrade 15,000 barrels a day of naphtha to high-quality Euro-5-grade gasoline.
BPGIC has awarded a separate contract to US-based Honeywell UOP to obtain its licensed technology for the naphtha-to-gasoline conversion process.
BPGIC co-owns a topping refinery in Fujairah with Nigeria-based Sahara Energy Resources, which produces low-sulphur bunker fuel for ships and vessels. It is understood that the new naphtha upgradation unit could be integrated with the existing topping refinery unit.
“This agreement represents a pivotal step in supporting BPGIC’s transition into a new phase of growth through entering specialised refining. It strengthens our business model and expands our presence across the hydrocarbon value chain,” Saif Al-Hazaymeh, BPGIC’s CEO, said in a statement.
Dubai Financial Market-listed GulfNav completed the transaction to acquire Brooge Energy’s Fujairah-based subsidiaries BPGIC and Brooge Petroleum & Gas Investment Company Phase 3 earlier in December.
GulfNav is an operator in the midstream oil and gas industry, with a focus on maritime transport and oil storage.
As part of the transaction, GulfNav increased its share capital from approximately AED837m ($227.91m) to AED1.65bn ($448.29m) and issued mandatory convertible bonds to Brooge’s shareholders. The company’s total share capital is expected to reach around AED3.5bn ($953m) upon conversion in the near term.
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