Midstream oil storage and service provider Brooge Energy Ltd has announced the beginning of preconstruction work for its Phase III oil storage terminals and refinery, which will be strategically located outside the Strait of Hormuz, adjacent to the Port of Fujairah in the United Arab Emirates.
The preconstruction work includes the commencement of the Soil Investigation and the Environmental Impact Assessment (EIA) report. Brooge said: “These are major milestones that pave the way for construction to start on the Phase III oil storage facility in Fujairah, UAE, which is expected to be operational in late 2022.”
Upon completion, Brooge Energy will be the largest oil storage provider in the Port of Fujairah, UAE, which is one of the largest global oil export hubs.
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 FZE.
Nicolaas L. Paardenkooper, CEO of Brooge Energy, said: “We are 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.”
Brooge added that 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, including advanced technology that utilises automated processes, thereby enabling the company to minimise costs and generate higher returns than traditional oil storage facilities.”
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