UPDATE 1-UAE's BPGIC to expand storage capacity, refinery operations [Reuters]
(BROGU)
Company Research
Source: Reuters
UPDATE 1-UAE's BPGIC to expand storage capacity, refinery operations (Adds detail) DUBAI, Oct 10 (Reuters) - The United Arab Emirates’ Brooge Petroleum and Gas Investment Co (BPGIC) plans to boost crude oil storage capacity and expand refining facilities after managing to lease additional land in the bunkering hub of Fujairah, the company said on Thursday. “BPGIC expects that ... could add storage and services capacity of ... 3.5 million cubic metres,” it said in a statement. That amount is in addition to existing storage capacity of 1 million cubic metres across about 22 tanks for crude and oil products, BPGIC added. The company said it aimed to start construction of the new facilities later in 2019, and was in talks with international oil companies to lease part of its planned crude storage capacity. In September, BPGIC awarded a contract to Spain’s SENER engineering group to build an oil refinery in Fujairah, located just outside the Strait of Hormuz, a key shipping lane. The plant
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