Tuesday 4 August 2020

BPGIC says basic design for Fujairah Phase III refinery ready

FUJAIRAH, 18 days ago

Brooge Energy (Formerly Brooge Holdings), through its subsidiary Brooge Petroleum and Gas Investment Company (BPGIC), has announced that the final basic design for the company’s planned Phase III oil storage terminals and refinery has been completed by MUC Oil & Gas Engineering Consultancy and handed over to the group.
A midstream oil storage and service provider strategically located outside the Strait of Hormuz, adjacent to the Port of Fujairah in the UAE, Brooge Energy said the completion of the basic design progresses BPGIC's plan to develop up to 3.5 million cu m of storage capacity, the equivalent of 22 million barrels. It is targeting the Phase III facility to be operational in late 2022.
The company had in April appointed MUC Oil & Gas Engineering Consultancy to complete the basic design and front-end engineering design (FEED) study for its planned 180,000 barrels per day (bpd) refinery and the Phase III oil storage facility in Fujairah. 
BPGIC is a key independent storage provider conveniently situated in the east-coast port of Fujairah on the Gulf of Oman, which owns capacity to store clean petroleum products and fuel oil using some of the latest technology to maximize company performance and efficiency, while reducing operating costs,  said a statement from the company. 
Through the development of its Phase II and Phase III facilities, it is also building capacity to store crude oil using similar technology, it stated.
Nicolaas L Paardenkooper, CEO of Brooge Energy and BPGIC, said: "Our vision is to build the largest oil storage and be the best service provider in the Port of Fujairah in the UAE, which is one of the world’s most strategically important choke points with approximately 25% of total global oil passing through this strait."
"Once Phase III is completed, this would bring our total storage capacity up to 4.5 million cu m, which is the equivalent of 28.3 million barrels of oil," remarked Paardenkooper. 
"We are pleased that MUC has completed the basic design, which is an important stage in the planning and development of the facility, and that they are progressing with the FEED study which is anticipated to be completed in the coming weeks," he stated. 
"Concurrently, we are in discussions with global oil majors that have expressed interest in contracting portions of the Phase III facility. We plan to ensure that Phase III capacity is fully contracted through a multi-year take-or-pay contract prior to commencing construction to ensure revenue stability and visibility," he added.-TradeArabia News Service 


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