Brief: Brooge Holdings says BPGIC Signs New Land Lease Agreement With Fujairah Oil Industrial Zone

Brooge Energy

06/02/2020 15:00

Feb 6 (Reuters) - BROOGE HOLDINGS LTD  BROG.O  :
    * BROOGE PETROLEUM AND GAS INVESTMENT COMPANY (BPGIC) SIGNED
A
LAND LEASE AGREEMENT WITH FUJAIRAH OIL INDUSTRIAL ZONE (FOIZ)
FOR PLOT OF LAND WITH A TOTAL AREA OF APPROXIMATELY 450,000 M2
    * BPGIC PLANS TO DEVELOP ITS PHASE III FACILIT ON PLOT
    * BPGIC EXPECTS THAT PHASE III ALONE COULD ADD STORAGE AND
SERVICES CAPACITY OF UP TO 3.5 TIMES SIZE OF BPGIC’S PROJECTED
OPERATIONS POST-PHASE II, WHICH WILL BE 1 MILLION M3
    * BPGIC INTENDS TO USE LAND TO FURTHER INCREASE ITS CAPACITY
FOR
STORAGE AND REFINERY SERVICES BY DEVELOPING ADDITIONAL STORAGE
AND REFINING CAPACITY
    * BPGIC’S INITIAL STUDIES INDICATE THAT LAND COULD HOUSE UP
TO
APPROXIMATELY 3.5 MILLION M3 OF STORAGE TANKS AND, POTENTIALLY,
A REFINERY WITH A CAPACITY OF UP TO 180,000 BBL PER DAY
    * BPGIC IS IN DISCUSSIONS WITH POTENTIAL COLLABORATORS FOR
PHASE
III 
    * BPGIC WILL REQUIRE ADDITIONAL FINANCING TO FUND
DEVELOPMENT OF
PHASE III FACILITIES 
    * PLANS TO COMMENCE DISCUSSIONS WITH REGARDS TO FINANCE
STRUCTURE
WITH POTENTIAL FINANCIERS BASED ON OUTCOME OF FINAL STUDIES IN
NEAR FUTURE

Further company coverage:  BROG.O 

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