UAE to Add 3.8 MMbbl Capacity to Oil Storage Hub in 2020
07.06.2020 - NEWS

July 06, 2020 [World Oil] – Brooge Energy Ltd. expects new tanks at its oil-storage terminal in the United Arab Emirates to be fully operational by the end of the year, with a single customer booked to lease all the additional capacity.

The U.S.-listed storage operator is adding eight tanks at the site in the UAE port of Fujairah, boosting capacity by 3.8 million barrels of crude and refined products, it said in a statement. The importance of adequate oil storage lurched into focus this year as the coronavirus pandemic wiped out fuel demand and left tanks around the world brimming.

Brooge will have 6.3 million barrels of storage capacity in total after the phase-two expansion is completed. A planned third phase to add a further 22 million barrels of oil storage should be complete in late 2022, the company said. Brooge is in “advanced negotiations” with a potential customer to lease the planned third-phase capacity, according to the statement.

Storing crude and fuels gives traders options to hold on to supply until it’s needed or to keep products in the expectation that they’ll be worth more in the future. Fujairah Oil Terminal, which owns storage near Brooge’s, also plans to expand capacity. It will invest $80 million to $100 million to build more tanks for oil products, its Commercial Director Malek Azizeh said Wednesday.

In addition to new storage, Brooge plans to build a 25,000-barrel-a-day refinery to produce low-sulfur fuel oil. The plant is to be operational in the third quarter of 2021, the company said Tuesday in the statement.

Brooge reported a 2019 loss of $77 million compared with a $16 million profit in 2018, according to the statement. The company took a $102 million charge related to the cost of its New York listing last year. It reported record revenue of $44 million and expects that figure to rise this year with the start of the new tanks.


Click Here to Access Today a 5,100 Tank Terminal Database With a Pro Trial
5,100 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Recently Updated Tank Storage Facilities in – Week 24 (2021)
06.16.2021 - NEWS
  Vopak, Oiltanking, EPPCO, Buckeye, LOOP, Shell, Exxon, Exolum, Ageo, Puma, K. Morgan, Moti... Read More
China's Shenghong Plans Test Runs in Q3 at New Oil Refinery - Source
06.14.2021 - NEWS
June 4, 2021 [Nasdaq] – China’s privately-owned Shenghong Petrochemical plans to star... Read More
Equinor to Sell Petroleum Refining Business in Denmark
06.14.2021 - NEWS
June 4, 2021 [Chemical Engineering] – Equinor Energy AS (Stavanger, Norway) has entered int... Read More
Is This The Most Exciting Oil Play Of The Last 20 Years
06.14.2021 - NEWS
June 4, 2021 [Oil Price] – The African nation of Namibia has never produced a barrel of oil... Read More