Page 17 - DMEA Week 40 2021

DMEA NEWS IN BRIEF DMEA

2025, compared with 81.9m bpd in 2019. and service provider strategically located to fill the entire capacity and importantly with
The oil demand shock has seen the outside the Strait of Hormuz, in the Port of multi-year take-or-pay contracts.”
global fleet of product tankers remained at Fujairah in the UAE, is pleased to announce Paardenkooper, further added: “The
levels barely making operating costs on key that its wholly owned subsidiary, Brooge opening of this facility and our plans to move
benchmark routes for protracted periods of Petroleum and Gas Investment Company ahead with Phase III reflects our commitment
2021. FZE, inaugurated its Phase II storage facility to support the UAE’s important role in the
Third-quarter clean sector earnings for on September 21, 2021. world’s oil industry.”
medium-range tankers averaged $4,800 daily Reflecting the importance of this facility, With the opening of this facility, BPGIC is
for those engaged in trades west of the Suez present at the ribbon cutting ceremony were now the second largest independent storage
Canal, according to estimates from shipbroker HH Sheikh Hamad bin Mohammed Al operator in the region with capacity of
Braemar ACM. That is 20% below the April- Sharqi, Ruler of Fujairah and Member of the approximately one million cubic meters, or
through-June period. UAE’s Supreme Council, and OPEC Secretary 6.3 million barrels.
MR tankers operating in Asia earned General Mohammad Sanusi Barkindo, along The new Phase II facility was built utilising
$6,000 daily over the third quarter, Braemar with the Executive team of Brooge Energy. state-of-the-art technology to maximise
ACM said. Nicolaas L. Paardenkooper, CEO of Brooge performance and efficiency and can store
LLOYD’S LIST Energy and BPGIC, said: “We are extremely not only crude and fuel oils but also clean
proud to have successfully constructed and petroleum products which is a competitive
opened this important facility during this edge the company is able to provide to its
TERMINALS & SHIPPING global pandemic period we have all been customers. Additionally, the Company is also
faced with, which has affected global supply able to provide is customers with ancillary
Brooge officially opens 2nd chains, amongst other challenges. The facility services including product blending and
heating.
began receiving cargo at the early part of
phase storage facility September and has been generating revenue BROOGE
since then. With oil storage in high demand in
Brooge Energy Ltd., a midstream oil storage the region, we already have contracts in place

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