Al Brooge Securities Company, which acquired 75 percent stake in a Djibouti Oil Refinery, is set to invest 150 million dollars to increase its daily output, Husam Alameri, CEO of the company, said.

Alameri said that the acquisition deal had been concluded with investors from the UAE and Saudi Arabia. He said that the new owners would spend 150 million dollars to increase by 150 percent the refinery's current capacity of 40,000 barrels per day of Arabian Light Crude and Arabian Heavy Crude to 100,000 barrels per day.

The chief executive officer said that the next expansion phase would start in the six months period.

The refinery's five major products including LPG two percent, bitumen 18 percent, kerosene 22 percent, gas oil 23 percent and naphtha 35 per cent which are sold locally as well in Ethiopia and Sudan. The refinery is planning to export its products to Ethiopia, Kenya and Uganda.

Dubai Ports World which manages the biggest port and the airport, last year built the 300 dollars million Doraleh Container Terminal, boosting the cargo handling capacity to handle the cargoes of Ethiopia.

Source: Khaleejtimes