Oil-Storage Demand at Top Mideast Hub Drives Brooge Expansion - Bloomberg:
Brooge Petroleum and Gas Investment Co. plans to expand its crude-storage capacity six-fold at the Middle Eastern port of Fujairah to meet “huge” demand at the busiest oil-trading hub in the region.
The United Arab Emirates-based business will sign contracts by the end of the first quarter, or soon after, to lease out the additional capacity, Chief Executive Officer Nicolaas Paardenkooper said in an interview. It will complete a study for the project over the same period and may start construction work by the end of 2020.
“The company’s philosophy has always been to get contracts in place first and then get the land and then start construction,” Paardenkooper said. “We’ve never built on speculation.”
Brooge’s planned expansion would more than double the amount of crude traders could store at Fujairah, the world’s second-largest refueling port for ships. State-run Abu Dhabi National Oil Co. has capacity nearby that it too is expanding many times over; Adnoc’s plans include the construction of crude-storage tanks beneath Fujairah’s mountains.
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