Brooge holdings says bpgic signs new land lease agreement with fujairah oil industrial zone

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.
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