Canadian public-private partnership infrastructure project company Canada Business Holdings (CBH) Inc on Friday (3 July) said it will invest in the Sultanate of Oman in the construction of a Low Sulphur Fuel Oil (LSFO) refinery.
The LSFO refinery aims to serve the growing shipping needs for IMO complaint cleaner fuel for shipping propulsion, it said.
The company added that the refinery has a planned capacity of 300,000 BPD in phases and its location is open to the Arabian sea outside the Strait of Hormuz as the natural depth of the port area qualifies it to receive large ships with deep keel.
The refining process will be based on unique Canadian technology with proven results in turning poor quality fuel into cleaner and higher grades.
“CBH Inc. are delighted to cooperate with the Government of Oman to invest in the LSFO refinery,” said a CBH official in the company’s statement.
“The people of Oman are highly educated, young, and hard working and the country is resourceful and safe with high political and economic stability for almost fifty years.”
The project satisfies the strict investment criterion of CBH based on focused investment strategy, with safe, secure, and high returns, it said.
Such a refinery is a niche investment that considers the challenges facing the oil and gas industry and focuses mainly on market demand led by international law and the viability of the global logistics business, noted CBH.
The company disclosed the total investment to be USD 1.5 billion with an expected ROI of 22% per annum.
The structured investment is based on a global fund based in London, UK and is open to interested investors, concluded CBH.
Photo credit: Shenghung Lin
Published: 6 July, 2020
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