en.Wedoany.com Reported - Etihad Energy Holding plans to build a refinery with a daily processing capacity of 15,000 barrels in Fujairah, with an estimated investment cost between $300 million and $350 million. The Dubai-listed company is expanding from fuel storage and logistics operations into the refining sector.

According to a statement submitted to the Dubai Financial Market, front-end engineering design has been carried out in collaboration with Italian engineering contracting company PEG and U.S. petroleum refining technology licensor Honeywell UOP. The refinery, developed by wholly-owned subsidiary Brooge Petroleum and Gas Investment Company, will complement the company's existing storage and logistics operations.

Etihad Energy (formerly Gulf Navigation Holding) returned to profitability in the first quarter of 2026, with net profit reaching AED 20 million (approximately $5.4 million), while revenue for the same period increased 64% year-on-year to AED 110 million. The company's shares closed at AED 3.02 on Tuesday, down more than 1% year-to-date. According to the company's 2025 board report, BHM Capital Financial Services holds nearly 17% of Etihad Energy's shares.

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