Brooge Energy, together with subsidiary Brooge Petroleum and Gas Investment Company (BPGIC) has signed offtake contracts with three regional oil trading companies for the BPGIC Fujairah Terminal.
The contracts cover a total of 129,000 m3 of storage, and Brooge says that they have been agreed at a 50% premium to previous contracts. BPGIC will provide the storage at its Phase I facility at Fujairah for one year, with an initial six-month period and a six-month renewal period. The contracts began in November 2020.
‘Due to its advanced technology, high speed, innovative designs and strategic location, BPGIC’s facility is more in demand today than ever before by the regional and global trader community. Moreover, global oil storage facilities are rapidly filling up and approaching capacity, driving a high number of requests to BPGIC. The improved terms of these new contracts reflect BPGIC’s unique, highly demanded facilities, and the scarcity of storage space available,’ says Nicolaas L. Paardenkooper, CEO of Brooge Energy and BPGIC.
Phase I of the Fujairah Terminal has 14 tanks for refined oil products with a total capacity of 400,000 m3. Phase II has eight tanks with a total storage capacity of 601,600 m3. Brooge announced in October 2020 that it was beginning work on Fujairah Phase III, which will take the total capacity of the terminal to 4.5 million m3.
