UAE-based independent storage provider Brooge Petroleum and Gas Investment Company (BPGIC) has announced the completion of the basic design for its oil storage terminals and refinery project in Fujairah.

BPIGC is wholly owned by Brooge Energy, a midstream oil storage and service provider, in the Port of Fujairah.

MUC Oil & Gas Engineering Consultancy (MUC) has completed the final basic design for the planned Phase III oil storage terminals and refinery, BPIGC said in a statement.

MUC was appointed in April to complete the basic design and Front-End Engineering Design (FEED) study for its planned 180,000 barrels per day (bpd) refinery and the Phase III oil storage facility with 3.5 million cubic metres (m3) of capacity, the equivalent of 22 million barrels.

Nicolaas L Paardenkooper, CEO of Brooge Energy and BPGIC, said MUC is progressing with the FEED study, which is anticipated to be completed "in the coming weeks."

"Concurrently, we are in discussions with global oil majors that have expressed interest in contracting portions of the Phase III facility. We plan to ensure that Phase III capacity is fully contracted through a multi-year take-or-pay contract prior to commencing construction to ensure revenue stability and visibility," he said.

The company is targeting the Phase III facility to be operational in late 2022.

He added that once Phase III is completed, the company's total storage capacity would go up to 4.5 million m3, equivalent of 28.3 million barrels of oil.

(Writing by Anoop Menon anoop.menon@refinitiv.com; editing by Seban Scaria)

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