Brooge Energy Ltd has announced the beginning of preconstruction work for its phase III oil storage terminals and refinery, which will be located outside the Strait of Hormuz, adjacent to the Port of Fujairah, UAE.
The preconstruction work includes the commencement of the Soil Investigation and the Environmental Impact Assessment (EIA) report. These are major milestones that pave the way for construction to start on the phase III oil storage facility which is expected to be operational in late 2022.
Brooge Energy will construct and operate its planned phase III facility through its newly formed and wholly-owned subsidiary, Brooge Petroleum and Gas Investment Co. Phase III FZE (BPGIC III).
Nicolaas L. Paardenkooper, CEO of Brooge Energy, said: “We are very pleased to have started preconstruction 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.”
The company’s phase III facilities will be built to the same specifications that were used for its phase I and II facilities, including advanced technology that utilises automated processes, thereby enabling minimised costs and generating higher returns than traditional oil storage facilities.
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