Brooge Energy Ltd. has signed an agreement to sublease land to Blue Ocean Energy FZE on this project. Blue Ocean Energy will be responsible for building the refinery and financing the cost of construction. Brooge will then be responsible for operating the refinery, earning revenue from tolling fees on a take-or-pay basis. The deal between the two firms includes a tolling contract 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 and will be focused on producing VLSFO and will be fully compliant with the new IMO 2020 very low sulphur rule.
The project is still in the conceptual stage.
The project is currently in design stage.
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