Brooge crude oil and Gas Investment Company (BPGIC), a UAE company in the oil storage and services business, initiated a lease agreement for a new land within the port of Fujairah, close to its existing facilities, which may accommodate its planned Phase III.
BPGIC intends to use the land to increase its capability for crude storage and services by developing extra capability, and if required, host the remaining 90% of the works facilities contemplated under the refinery and services agreement and connected agreements with Sahara Desert Energy Resources DMCC.
BPGIC expects that Phase III may add storage and services capability of 3.5 times, or 3.5 million M3, the scale of BPGIC’s projected operations post-Phase II, which can be a million M3. BPGIC believes it may execute a final lease agreement, which might allow commencing plans and construction
for this land in 2019. At the same time, BPGIC has had discussions with prime international oil majors, that have expressed interest in securing parts of the capability of a Phase III facility.
Paardenkooper, Chief officer, BPGIC, said, “We are terribly excited to be asserting our initial lease for land within the Port of Fujairah, that alone represents future capability additions of over 3.5 times our facilities that are presently in operation and under construction.
Following the closing of the business combination, BPGIC can still be led by its current management team of Paardenkooper, Saleh Yammout as Chief treasurer, Lina Saheb as Chief Strategy Officer, and Faisal Al Selim as Chief selling Officer. BPGIC can be headquartered in Fujairah.
Tags : Brooge Petroleum, DMCC,