Borouge Energy Limited of the United Arab Emirates achieved 23% growth in revenue to reach $ 44 million in 2019.
According to the Emirates News Agency, the company achieved a profit increase of 29% to reach $ 34 million.
Bruges Energy is involved in the storage of crude oil and petroleum products and is wholly owned by Bruges.
Borouge Energy Company started the first phase of its operations in January 2018, which includes 14 oil tanks with a total storage capacity of 2.5 million barrels, while the second phase of construction started in September 2018 , And includes 8 oil tanks with a capacity of 3.8 million barrels, where it is expected to be completed by the last quarter of this year and to be 100% of production capacity by the end of 2020.
The company clarified that the third stage is expected to provide an additional capacity of 22 million barrels of oil, which increases the total storage capacity to about 4.5 million cubic meters and to be completed Work by the end of 2020.
Nicholas said to. Bardenkooper, CEO of Borouge Energy Company, the company's revenue growth of 23% for 2019 was driven by our multi-year agreement with external customers for the first-stage stations, which worked at full capacity throughout the year In addition to that, the company secured a multi-year contract for 100% of the private storage facility The second stage with the same customer.
He added that it is expected that the second stage will be ready for work and be in a position to start generating large revenues starting from the second half of 2020 and that launching operations The second stage will expand storage capabilities to include crude oil, in addition to adding more capabilities to fuel oil and clean products.
He said: We continue to enhance our strategy to build the largest oil storage facility in the port of Fujairah, and we have made tangible progress towards achieving this goal in recent weeks, including the conclusion of an agreement to start Study the engineering of the front end / FEED / design and advance negotiations with a potential third-stage capacity client. Once the third phase, which is expected to be completed by the end of 2022, is completed, we will have a storage capacity of about 4.5 million cubic meters.
