A midstream oil storage and service provider, Brooge Energy Ltd, announced yesterday that its customers have successfully renewed their fixed lease contracts for 233,072 cbm of Brooge Energy’s Phase I storage capacity.
The renewal is at a premium that is 70 percent higher than the starting fixed lease storage price of the earlier contracts. The contract renewals consist of a total of 190,072 cbm signed with two clients on three-year terms each consisting of one year plus a two-year mutual renewal clause.
CEO of Brooge Energy and BPGIC, Nicolaas L Paardenkooper, said: “We continue to experience strong demand for our facilities as, particularly, Fujairah in The Middle East proves itself to be a significant oil storage hub, as a result of the continued lead taken by the region in the production of crude oil and its increasing refining capacity.
“Our ability to provide seamless, automated storage solutions with a superior facility design that is designed to reduce product losses for our end users, as well as ancillary solutions such as heating and blending, make us the preferred choice for our clients.”
A key independent storage provider in Fujairah, UAE, BPGIC is conveniently located on the east-coast Port of Fujairah on the Gulf of Oman. The provider owns facilities to store clean petroleum products (CPP) and fuel oil using some of the latest technology to maximise company performance and efficiency.
For more information visit www.broogeenergy.com