Brooge Petroleum and Gas Investment Company FZC, a leading UAE independent oil storage and service provider, announced on Sunday the initiation of the expansion of its storage terminal in the emirate of Fujairah.
“We are very happy to see that there are new investments going into the oil and gas industry, and we commend BPGIC for its efforts to grow and to positively contribute to the development of the energy industry," said OPEC Secretary-General H.E. Mohammed Barkindo. "There has been a sharp contraction in investment across the energy industry’s supply chain for two consecutive years, but the medium-to-long term oil demand is robust despite the headwinds, and so we hope to continue to see more investments in the near term.”
The expansion of the Company’s existing Fujairah terminal will introduce storage for crude oil and will have a storage capacity of 600,000 m3, taking BPGIC’s total capacity to 1 million m3. Phase II will enable BPGIC to store crude oil through the construction of 8 storage tanks, half of which will have a convertibility feature for fuel oil.
At the event, H.E. Barkindo was presented with an achievement award for his achievements and work in the oil and gas industry as well as his current efforts to maintain stability in the oil industry.
BPGIC’s terminal began operations in the Port of Fujairah in January 2018. The facility currently stores refined oil products, such as fuel oil and clean products, and provides a range of ancillary services such as blending, heating, inter-tank transfers and ship loading and unloading. Currently, the Company operates 14 convertible tanks that are fitted with best-in-class technology and built with high quality materials. The terminal has the capability of having 11 simultaneous operations.
“This ceremony marks a momentous occasion in the exciting story of BGPIC, as well as the emirate of Fujairah, which is playing an increasingly vital role in global energy trade," Secretary-General Barkindo said. "This world-class facility will help to bolster the oil and gas industry’s presence in the Emirate and is meeting a growing demand for storage capabilities in this dynamic and exciting market. We look forward for what the future holds for BPGIC and Fujairah as a whole in the journey ahead.”
Fujairah is the world’s second-largest bunkering hub and is an emerging oil storage hub.