April 27, 2020 [Globe Newswire] – Technical Advisor in FEED Study, MUC, was the firm that designed the Phase I and II facilities. Upon completion of Phase III, Brooge Energy may reach up to 4,500,000 m3 of storage capacity
Brooge Energy Limited (“Brooge Energy” or the “Company”) (NASDAQ: BROG), a midstream oil storage and service provider strategically located outside the Strait of Hormuz, adjacent to the Port of Fujairah in the United Arab Emirates (“UAE”) through its wholly-owned subsidiary Brooge Petroleum and Gas Investment Company FZE (“BPGIC”), announced today that it has appointed MUC Oil & Gas Engineering Consultancy (“MUC”) to complete the basic design for a 180,000 bpd refinery and Front End Engineering Design (FEED) study for its planned Phase III oil storage terminals in Fujairah.
The studies, which are expected to be completed within three months, will develop all necessary technical definition, cost and schedule estimates for the proposed Phase III facility. Brooge Energy believes that, upon completion, the Phase III facility can add an additional storage capacity ranging from 2,100,000 m3 up to 3,500,000 m3 of fuel oil, clean products and crude oil. 3,500,000 m3 equates to approximately three and half times the size of its projected post-Phase II capacity of 1,000,585 m3. The Company also aims to include a refinery of up to 180,000 bpd. The layouts and refining capacity are expected to be finalized upon FEED Study completion.
“This is a major milestone in the development of the project,” said Nicolaas L. Paardenkooper, CEO of Brooge Energy and BPGIC. “MUC is the same technical advisor that designed the facilities for our Phase I and Phase II terminals and we are pleased to partner with them again to advance our plans to develop our Phase III facility, using the same award-winning technology, technical features and tank diversification as used in Phase I and Phase II. We believe this expansion would, upon completion, make us the largest independent oil storage and service provider in Fujairah.”
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.
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