Brooge Energy expects opening new tanks at its oil-storage terminal in UAE to be fully operational by the end of the year, Gulf Business reported.
ِAccording to the report, the company has commenced phase one by establishing eight tanks at UAE port of Fujairah, to boost the capacity by 3.8 million barrels of crude and refined products.
Brooge said that a single customer booked all the additional capacity, which has become an important issue recently given from coronavirus pandemic which caused oil glut.
Brooge expected to have 6.3 million barrels of storage capacity in total after the phase-two expansion is completed. While the third phase is planned to add a further 22 million barrels of oil storage which should be complete in late 2022.
Additionally, the Commercial Director of Fujairah Oil Terminal, which owns storage near Brooge’s, stated that it also plans to expand capacity and it will invest $80 million to $100 million to build more tanks for oil products.