New York-listed Brooge Energy Ltd., a midstream oil storage and service provider located in the Port of Fujairah, released the results of the feasibility study commissioned for Brooge Energy’s Phase III oil storage facility and refinery.
The feasibility study supports the financial viability of the company’s Phase III expansion plan, highlighting upcoming infrastructure investments in the region as a key driver of sustainable storage demand and rising domestic and export demand for refined products as a key driver of refinery demand.
The Phase III expansion project is for a 2.5 million cbm oil storage facility, a modular 25,000 barrel per day (bpd) refinery, and a larger 180,000 bpd conventional refinery.
The successful build out of Brooge Energy’s Phase III facility would position the company as the largest independent oil storage facility in Fujairah, with capacity to store Clean Petroleum Products; Middle Distillates; High and Low Sulphur Fuel oil as well as crude oil.
The Phase III expected construction period is two years, with the company anticipating it will be operational within 2023.
“The feasibility study defines a project with robust economics and reinforces the strength of our business strategy, highlighting that the oil market is expected to continue to be the most important energy source going forward, with the Middle East region continuing to be the leading producer and exporter of crude over the medium to long term,” said Nicolaas L. Paardenkooper, CEO of Brooge Energy and BPGIC.
“The midstream sector will remain integral to its proper functioning. Our strategic positioning in Fujairah, where the high utilization of third-party storage terminals along with upcoming infrastructure investments, is expected to drive sustainable and growing demand for our storage solutions.
“To leverage this opportunity as much as possible, we are building out our technologically-advanced terminals that are able to deliver high margins.
“We also plan to build out a modular and a conventional refinery, including the capability to comply with the new IMO 2020 low sulphur rule, at a time when the UAE is adding to its oil production capacity which we anticipate will drive demand for refinery services for both the domestic and export market.
“With the completion of this study, we are now looking forward to potentially starting construction for Phase III as early as the second half of 2021.”
Photo credit: Port of Fujairah
Published: 3 August, 2021
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