#Fujairah’s oil storage status is getting a major upgrade

Fujairah’s oil storage status is getting a major upgrade:

Fujairah is set to become a global oil storage and trading hub due to its unique location as well as access to pipelines for crude, a top executive of Brooge Petroleum and Gas Investment Company (BPGIC) said.

“Fujairah is number two globally in bunkering (supply of fuel to ships) after Singapore and ahead of Rotterdam,” said Nicolaas Paardenkooper, CEO. “It is in a unique location right in the middle of the shipping lines between east and west and is in deep water with good connectivity for all the companies as well as access to refining capacity.”

BPGIC founded in 2013 is one of the largest holders of storage assets in Fujairah. It completed the first phase of 400,000 cubic meters of storage across 14 tanks for middle distillates (refined oil product) and fuel oil and went operational in January last. Work is on for the second phase, which will add 600,000 cubic meters of capacity for crude oil across eight tanks and expected to be completed in Q1-2020.