Canada’s CBH Inc to invest $6.2bln in green oil refinery in Oman

Canada’s CBH Inc to invest $6.2bln in green oil refinery in Oman

Canada Business Holdings Inc. (CBH Inc.), has announced a capital investment of up to $6.2 billion for its planned green refinery in Oman.

The ultra-low sulphur fuel oil petroleum refinery will serve the transportation sectors such as aviation and international maritime shipping, the company said in a statement on Wednesday.

The planned design processing capacity for the refinery is 300,000 barrels per day of crude oil and refinery residue, it added. The refinery is located within the Duqm Special Economic Zone.

Current global stocks of refined products have fallen as refineries struggle to keep pace with the upsurge in demand for fuel oils.

CBH Inc. expects demand for gasoline and diesel to continue rising in the coming decade.

(Writing by Brinda Darasha; editing by Seban Scaria)

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