The project will be set up at a site close to the existing Fujairah Refinery Company. AGOL has signed a 20-25-year land lease agreement with the government of Fujairah. AGOL is aiming to source feedstock from Saudi Aramco and Abu Dhabi National Oil Company for the plant. The US’ Petroleum Services Development Company has completed an initial study for the proposed refinery. The project will require an investment of about $1,000 million. Shamil Bank is acting as financial adviser and lead arranger.

The AGOL project is the latest in a series of refinery schemes planned in the emirate. The most recent, announced in late 2000, involved Russia’s Rosneft signing an agreement with the Fujairah government for the construction of a grassroots refinery.

Estimated to cost $130 million, the oil refinery was designed to have nameplate capacity of 50,000 b/d (MEED 17:11:00; 3:11:00).