UAE-based Brooge Petroleum and Gas Investment Company (BPGIC) which has interests in oil storage and refining, has acquired additional land areas in the port of Fujairah as part of a Phase III development programme. The investment is expected to increase its storage capacity in the eastern emirate by over 300%, allowing it to take advantage of growing demand for storage and bunkering facilities outside of the Strait of Hormuz.
BPGIC has secured an initial lease agreement for the land in Fujairah that will be used for the Phase III storage expansion. BPGIC currently has 400,000 cu m of crude oil products storage and is constructing an additional 600,000 cu m of storage space in an ongoing Phase II expansion mainly for crude oil, which is due to be operational by the end of this year. BPGIC indicates that it has had discussions with several leading global oil majors, which have expressed interest in taking parts of the capacity of a Phase III facility.