Middle East

In Brief

Brooge starts work on big Fujairah oil terminal

NEW YORK: Brooge Energy has started pre-construction work on Phase 3 of its oil storage terminals and refinery, which will be strategically located outside the Strait of Hormuz, adjacent to the Port of Fujairah, UAE.

Upon completion, this would make Brooge Energy the largest oil storage provider in the Port of Fujairah, one of the largest global oil export hubs.

As per the deal, Brooge Energy will construct and operate its planned Phase III facility through its newly formed and wholly-owned subsidiary, Brooge Petroleum and Gas Investment Company Phase III (BPGIC III).

CEO Nicolaas L Paardenkooper said: "Brooge Energy is very pleased to have started preconstruction work on our Phase III facility, which is a key next step in our strategy to increase our storage capacity, accelerate revenue growth and further entrench our position as a leading oil storage provider in the Port of Fujairah."

Dana Gas to sell onshore Egyptian assets to IPR

SHARJAH: Dana Gas has entered into a binding agreement with IPR Wastani Petroleum, a member of the IPR Energy Group for the sale of its onshore Egyptian producing oil and gas assets for a consideration of up to $236 million including contingent payments.

This transaction follows engagement with a number of prospective industry buyers commencing in Q2 2019. This resulted in four offers being received. Negotiations with the successful bidder extended over a longer period primarily due to the restrictions that COVID-19 placed on travel and communications and the impact of the pandemic on the world economy and the resulting sharp drop in global oil and gas prices.

This asset sale is in line with Dana Gas’ strategic goals of strengthening its balance sheet and focusing on the development of its world class assets in the Kurdistan Region of Iraq (KRI).

GCC agri-nutrients feed 5pc of world population

DUBAI: The GCC agri-nutrients industry supports the food supply of 5 per cent of the world’s population, or 350 million people across the globe, according to a new report published by the Gulf Petrochemicals and Chemicals Association (GPCA).

TThis figure marks the rising importance of agri-nutrients in enhancing global food security in a rapidly changing world, where we will need to produce 70 per cent to 100 per cent more food by 2050 to feed our growing population.

The report further reveals that over the last five decades, a portion of the global population supported by agri-nutrients manufactured by GCC producers has increased 33 times, from about 9 million in 1970 to 350 million currently.

Additionally, the GCC agri-nutrient industry supports about 12,100 direct jobs in the region, and almost three times as many indirect and induced jobs, which means that every person working in the sector supports enough food production to feed about 30,000 people worldwide, including people in the GCC.