Midstream oil storage and service provider; Brooge Energy Ltd. wholly owned subsidiary, Brooge Petroleum and Gas Investment Company FZE (BPGIC), on Friday (9 July) signed a Refinery Agreement with an oil trading company for a 25,000 barrel per day (bpd) modular refinery.
BPGIC will sublease land to the oil trading company, which will be responsible for constructing the refinery including bearing the full cost of construction.
When construction is complete, BPGIC will be responsible for operating the refinery, earning revenue from tolling fees on a take-or-pay basis.
The agreement between BPGIC and the oil trading company includes a tolling contract for a tenure of 20 years, consisting of a five-year contract to commence upon completion of the construction of the refinery, and three renewal periods of five years each.
Nicolaas L. Paardenkooper, CEO of Brooge Energy and BPGIC, said, “The modular refinery will be focused on producing Very Low Sulphur Fuel Oil (VLSFO) and will be fully compliant with the new IMO 2020 very low sulphur rule. 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.”
“This agreement is a low-risk approach to advancing these plans as the oil trading partner will own the asset and take on the cost of construction and any oil price risk, while our focus remains in our area of expertise as the operator of the facility. This is expected to drive additional revenue to Brooge Energy, at favorable EBITDA margins.”
Between November 2016 and October 2017, Mr Tan falsified at least 20 invoices and submitted these invoices to UOB and OCBC, according to court documents obtained by bunkering publication Manifold Times.
‘CSM Taurus arrived in Singapore during mid-September and is currently undergoing final preparations before starting commercial operations,’ General Manager of CSM tells Manifold Times.
Criminal syndicate’s tampering with MFMs on bunker tankers Southernpec 6 and Southernpec 7 conceptualised by three masterminds and carried out by cargo officers on board, according to joint statement.
Seeks information connected to SGS COQs of Gas Oil and Marine Diesel Oil cargoes loaded on board Vinalines Glory from the Vopak Banyan Terminal in Singapore between January and February 2013.
Additional topics of bunker contamination and OCM services discussed at VPS’ Fuel Management Challenges – The Year of 2021 & Beyond webinar on 23 September; Manifold Times summarises the session.
‘The JMs have failed to discharge their duties by blindly helping the Banks mount a false case against the Defendant,’ wrote defence lawyers representing former IPP Director Dr Goh Jian Hian in court statement.