BPGIC Signs Three New Oil Storage Contracts for its Phase I Facility at 50% Premium, Driving Further Margin Expansion
12.14.2020 - NEWS

December 13, 2020 [Globe Newswire] – Brooge Energy Limited (“Brooge Energy” or the “Company”) (NASDAQ: BROG), and its wholly-owned subsidiary Brooge Petroleum and Gas Investment Company FZE (“BPGIC”), a Fujairah Free Zone Entity in the oil storage and services business, announced today that BPGIC has signed offtake contracts with three regional oil trading companies for total geometric storage capacity of 129,000 cbm at a 50% premium to previous contracts.

 
Under the terms of the contracts, BPGIC will provide oil storage at its Phase I facility for a total of one year consisting of initial six month periods, plus additional six-month renewal periods, subject to mutual renewal, commencing in November 2020.

Nicolaas L. Paardenkooper, CEO of Brooge Energy and BPGIC, said, “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.”

BPGIC is a key independent storage provider in Fujairah, UAE, conveniently situated in the East-coast port of Fujairah on the Gulf of Oman, which owns capacity to store clean petroleum products and fuel oil using some of the latest technology to maximize company performance and efficiency, while reducing operating costs. Through the development of its Phase II and Phase III facilities, it is also building capacity to store crude oil using similar technology.

——

Click Here to Access Today a 6,000 Tank Terminal Database With a Pro Trial
6,000 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Exxon, SABIC Start Up Giant New Texas Petrochemical Complex
01.24.2022 - NEWS
January 23, 2022 [viconsortium] – Exxon Mobil (NYSE:XOM) and Saudi Arabia’s SABIC hav... Read More
Global Refinery Closures Outweigh New Capacity in 2021: IEA
01.24.2022 - NEWS
January 23, 2022 [SPGlobal] – Refinery closures outweighed new capacity in 2021, leading to... Read More
Oil Up on Increasingly Bullish Backwardation Pattern
01.24.2022 - NEWS
January 23, 2022 [rigzone] – Oil prices edged higher on Monday, with Brent trading near its... Read More
Shell Malaysia Forges Partnerships to Expedite Energy Transition
01.24.2022 - NEWS
January 23, 2022 [theedgemarkets] – Less than a year into his new role, Shell Malaysia chai... Read More