UAE’s BPGIC to boost crude oil storage in Fujairah -industry source (updated)

Brooge Energy

03/04/2020 12:07

(Adds timeline, context)
    DUBAI, April 3 (Reuters) - The United Arab Emirates' Brooge
Petroleum and Gas Investment Co (BPGIC) plans to boost crude oil
storage capacity in Fujairah, an industry source close to the
matter said on Friday.
     The company is expected to sign an agreement with a
consultant to expand its storage capacity by 2 million to 3.5
million cubic metres, and will start construction in the fourth
quarter of the year, the source said.
     That amount is in addition to existing storage capacity of
1 million cubic metres for crude and oil products, the source
said. BPGIC did not immediately respond to a request for
comment.
     The move comes as oil storage capacity is dwindling and is
part of the UAE-based oil storage company's expansion strategy.
BPGIC, established in 2013, is one of the largest holders of
storage assets in Fujairah.

 (Reporting by Rania El Gamal
Editing by David Goodman and Elaine Hardcastle)
 ((maher.chmaytelli@thomsonreuters.com;))