Brooge Energy, a midstream oil storage and service provider, said the pre-construction work has begun on the third phase of its oil storage terminals and refinery, which will be strategically located outside the Strait of Hormuz, adjacent to the Port of Fujairah
The preconstruction work includes the commencement of the soil investigation and the environmental impact assessment (EIA) report.
These are major milestones that pave the way for construction to start on the facility in Fujairah, which is expected to be operational in late 2022.
Upon completion, this would make Brooge Energy the largest oil storage provider in the Port of Fujairah, one of the largest global oil export hubs.
As per the deal, Brooge Energy will construct and operate its planned Phase III facility through its newly formed and wholly-owned subsidiary, Brooge Petroleum and Gas Investment Company Phase III (BPGIC III).
CEO Nicolaas L. Paardenkooper said: "Brooge Energy is very pleased to have started preconstruction work on our Phase III facility, which is a key next step in our strategy to increase our storage capacity, accelerate revenue growth and further entrench our position as a leading oil storage provider in the Port of Fujairah."
"Starting the soil investigation and the EIA report are significant developments and bring us closer to commencing construction on the facility," he stated.
Paardenkooper said the company’s Phase III facilities will be built to the same award-winning specifications that were used for its Phase I and II facilities.
These include advanced technology that utilizes automated processes, thereby enabling the Company to minimize costs and generate higher returns than traditional oil storage facilities.-TradeArabia News Service
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