Etihad Energy’s Fujairah refinery to cost up to $350m

Etihad Energy Holding’s planned refinery in Fujairah will cost between $300 million and $350 million.

The Dubai-listed company is pushing ahead with efforts to expand beyond fuel storage and logistics into refining operations.

The front-end engineering design has started in cooperation with the Italian engineering and contracting company PEG and the US-based technology licensor for petroleum refining, Honeywell UOP, according to a statement to the Dubai Financial Market.

The refinery, undertaken by Brooge Petroleum and Gas Investment Company, a wholly owned subsidiary, will have an estimated processing capacity of 15,000 barrels per day.

This will complement the company’s existing storage and logistics operations, the statement said.

Etihad Energy, formerly Gulf Navigation Holding, swung to a profit of AED20 million ($5.4 million) in the first quarter of 2026, after revenue rose 64 percent year on year to AED110 million.

Shares of Etihad Energy closed at AED3.02 on Tuesday, down more than 1 percent this year.

BHM Capital Financial Services owns nearly 17 percent of Etihad Energy, according to the company’s board report for 2025.

Further reading:

• Fujairah emerges as strategic winner from Hormuz closure
• The war that exposed the Gulf’s infrastructure vulnerabilities
• Why oil markets should not take Hormuz peace for granted