Middle East News 247

UAE oil-storage hub to open new tanks this year

Brooge Energy Ltd. expects new tanks at its oil-storage terminal in the United Arab Emirates to be fully operational by the end of the year, with a single customer booked to lease all the additional capacity.

The US-listed storage operator is adding eight tanks at the site in the UAE port of Fujairah, boosting capacity by 3.8 million barrels of crude and refined products, it said in a statement.

The importance of adequate oil storage lurched into focus this year as the coronavirus pandemic wiped out fuel demand and left tanks around the world brimming. Brooge will have…

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