Additional storage capacity at Fujairah is required, but the planned start-up of Brooge Energy’s Phase II storage facilities at Fujairah has been pushed back to 1Q 2021. The firm had planned the new facilities to be operational by the end of this year, but CEO Nicolaas Paardenkooper told this week’s earnings call that they will now be completed “early next year.”
Brooge currently has 400,000m³ (2.5mn barrels) of refined products storage capacity at Fujairah through fourteen ‘Phase-1’ tanks operated by its BPGIC subsidiary. The offtaker for the bulk of this is Al Brooge International Advisory (BIA), which then subleases the facilities. (CONTINUED - 858 WORDS)
