Petrixo to invest $800 million in Fujairah bio-fuel refinery

Dubai-based Petrixo Oil & Gas has decided to invest $800 million in bio-fuel refinery in Fujairah. The company, which has been investing in the green fuels for several years, has plans to be a leader in bio-fuel production in the Middle East.
Petrixo announced on Tuesday that it has completed the preparation of studies and engineering designs, and selected the required technologies to set up a bio-fuel refinery in Fujairah with a design capacity of one million tons per year of bio-fuel products, which include bio-diesel, green fiesel, bio-jet, bio-naphtha and bio-LPG.
The project will be set up over about 460,000 square meter land in proximity to Fujairah Free Zone & Port of Fujairah. Petrixo has incorporated a consortium of major international companies and financial institutions to set up the project.
The project attaches special importance to environmental projects and sustainable energy. It is also in line with the vision of Fujairah Ruler Sheikh Hamad bin Mohamed Al Sharqi in support of green energy projects and gives utmost importance.
Company sources stated that the main idea of the project is to produce bio-diesel for global and the Gulf market as it is being portrayed as a future marketing opportunity.