Brooge leases 45ha land to expand storage, refinery operations
Brooge operates through Brooge Petroleum and Gas Investment Company in Fujairah registered within the Fujairah Free Zone
Nasdaq US-listed Brooge Holdings has signed an agreement with the Fujairah Oil Industrial Zone (FOIZ) to lease 45ha land in a move to expand its storage and refinery operations at the UAE’s East Coast oil hub.
The company operates in Fujairah through its fully-owned subsidiary Brooge Petroleum and Gas Investment Company (BPGIC), which is registered within the Fujairah Free Zone.
BPGIC plans to develop Phase 3 of its facility in Fujairah at the plot, with the phase set to add storage and services capacity, which is 3.5 times the size of its projected operations post-Phase II, which will be one million cubic metres.
BPGIC also plans to develop additional storage and refining capacity that will be used for Phase 1 and 2 of the facility.
According to initial studies carried out by the company, it has been found out that the land could contain approximately 3.5 million cubic metres of storage tanks and, potentially, a refinery with a capacity of up to 180,000 bbl per day.
The company has been in talks with collaborators for Phase 3 including, several top global oil giants, and has a signed memorandum of understanding for the same.
Speaking about leasing the additional land, chief executive officer of Brooge Holdings and BPGIC, Nicolaas Paardenkooper, said: "When the Phase 3 expansion is completed, we expect to become the largest oil storage and service provider in the increasingly important FOIZ & Port of Fujairah."