Ottawa-based Canada Business Holdings Inc. (CBH) tells Bunkerspot it intends to go ahead with a new 300,000 barrels a day refinery in Oman which will produce IMO 2020-compliant low sulphur bunker fuel.
In a statement sent to Bunkerspot, CBH Chairman and CEO Moses Solemon confirmed that the refinery plans are on time and going well. ‘We are proud of the level of business cooperation that the Omani authorities are showing. We are overwhelmed by the keen interest and effort levels on their side,’ he said.
In order to produce ULSFO, CBH says it has successfully integrated ‘two Canadian technologies to produce high-quality fuel oil with near zero sulphur content and producing near zero nitrogen oxides’.
As previously reported, in January 2020 CBH announced that it had secured a licence for a refinery in Oman.
In July this year, the company said it would be going ahead with a structured investment in the project in the form of a London-based global fund.
At the time, CBH said that total investment in the project is estimated at $1.5 billion and, for potential interested investors, the expected ROI is 22% per year.
In the project update issued today, Moses Solemon commented: ‘Although we are not a typical refining company by default, we have gathered the best world class team to make it happen. This refinery is a game changer in terms of business and in the end-product.’