In April 2020, the Company appointed MUC Oil & Gas Engineering Consultancy to complete the basic design and Front End Engineering Design (FEED) study for its planned 180,000 bpd refinery and the Phase III oil storage facility in Fujairah, UAE. Completing the basic design progresses the Company’s plan to develop up to 3.5 million m³ of storage capacity, the equivalent of 22 million barrels. The Company is targeting the Phase III facility to be operational in late 2022.