Brooge Energy has started pre-construction work on its Phase III oil storage terminals adjacent to the Port of Fujairah in the United Arab Emirates. This includes the commencement of the Soil Investigation and the Environmental Impact Assessment report which are major milestones that pave the way for construction to start on the oil storage facility which is expected to be operational in late 2022.
Upon completion, this would make Brooge Energy the largest oil storage provider in the Port of Fujairah, which is one of the largest global oil export hubs. Brooge Energy will construct and operate its planned Phase III facility through its newly formed and wholly-owned subsidiary, Brooge Petroleum and Gas Investment Company Phase III (BPGIC III).
Nicolaas L. Paardenkooper, CEO of Brooge Energy, said, “We are very pleased to have started pre-construction work on our Phase III facility, which is a key next step in our strategy to increase our storage capacity, accelerate revenue growth and further entrench our position as a leading oil storage provider in the Port of Fujairah. Starting the Soil Investigation and the EIA report are significant developments and bring us closer to commencing construction on the facility.”