BPGIC inks land lease agreement with Fujairah Oil Industries Zone
BPGIC’s initial studies indicate that the land could house up to approximately 3.5 million cu m of storage tanks
Brooge Petroleum and Gas Investment Company (BPGIC), a wholly-owned energy investment company of Brooge Holdings, has signed a land lease agreement with Fujairah Oil Industries Zone (FOIZ) for a strategic plot of land spread over 450,000 sqm.
According to a statement from Brooge Holdings, the area will be utilised by BPGIC to build its phase III facility. BPGIC noted that phase III alone could add storage and services capacity of up to three and half times the size of its projected operations post-phase II, which will be 1 million cu m.
Nicolaas Paardenkooper, group CEO for BPGIC said that when the phase III expansion is completed, they expect to become the largest oil storage and service provider in the FOIZ and Port of Fujairah region.
“We are thrilled to announce that we have secured a lease for this strategic and sizeable plot of land in FOIZ, which can accommodate additional capacity of over 3.5 times our facilities currently operating and under construction,” he added.
The energy investment company said it intends to use the land to further increase its capacity for storage and refinery services by developing additional storage and refining capacity using the same technology, technical features and tank diversification as used in phase I and II.
BPGIC’s initial studies indicate that the land could house up to approximately 3.5 million cu m of storage tanks and, potentially, a refinery with a capacity of up to 180,000 bbl per day.
BPGIC stated that its currently in discussions with potential collaborators for phase III including several top global oil majors who has expressed interest in partnership for the new facility.
