By: AGBI

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

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

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

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

The statement said this will complement the company’s existing storage and logistics operations.

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 2025 board report.