BPGIC Signs a New Land Lease Agreement with Fujairah Oil Industrial Zone Nearly Tripling Its Land Area in Fujairah in a Firm ...
06 Febrero 2020 - 8:00AM
Brooge Holdings Limited (“Brooge Holdings”) (NASDAQ: BROG) and its
wholly-owned subsidiary Brooge Petroleum and Gas Investment Company
FZE (“BPGIC”), a Fujairah Free Zone Entity in the oil storage and
services business announced today that BPGIC signed a land lease
agreement with Fujairah Oil Industrial Zone (FOIZ) for a
strategically located and prime plot of land with a total area of
approximately 450,000 m2 on which BPGIC plans to develop its Phase
III facility. BPGIC expects that Phase III alone could add storage
and services capacity of up to three and half (3.5) times the size
of BPGIC’s projected operations post-Phase II, which will be 1
million m3.
BPGIC intends to use the land to further
increase its capacity for storage and refinery services by
developing additional storage and refining capacity using the same
award-winning technology, technical features and tank
diversification as used in Phase I and Phase II. BPGIC’s initial
studies indicate that the 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 including several top global
oil majors who expressed interest in collaborating on the Phase III
facility and has a signed memorandum of understanding in place.
BPGIC believes that with the completion of the
Phase III expansion as planned, it would become the largest oil
storage and service provider in Fujairah.
Nicolaas Paardenkooper, Chief Executive Officer
of both Brooge Holdings and BPGIC commented, “We are thrilled to
announce that we have secured a lease for this strategic and
sizeable plot of land in Fujairah Oil Industry Zone, which can
accommodate additional capacity of over 3.5 times our facilities
currently operating and under construction. When the Phase III
expansion is completed, we expect to become the largest oil storage
and service provider in the increasingly important FOIZ & Port
of Fujairah.” BPGIC will require additional financing to fund the
development of the Phase III facilities and plans to commence
discussions with regards to the finance structure with potential
financiers based on the outcome of the final studies in the near
future. There can be no assurances that BPGIC will be able to
obtain such financing on commercially reasonable terms.
About Brooge Holdings
Limited
Brooge Holdings Limited is an exempted company
incorporated under the laws of the Cayman Islands. Brooge Holdings
conducts all of its business and operations through its
wholly-owned subsidiary Brooge Petroleum and Gas Investment Company
FZE, a Fujairah Free Zone Entity.
About Brooge Petroleum and Gas
Investment Company FZE
Brooge Petroleum and Gas Investment Company FZE
is an oil storage and service provider strategically located in
FOIZ which is complemented by Port of Fujairah in the Emirate of
Fujairah in the UAE. BPGIC’s vision is to develop an oil storage
business that differentiates itself from competitors by providing
its customers with fast order processing times, excellent customer
service and high accuracy blending services with low oil
losses.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995, that involve
risks and uncertainties concerning BPGIC’s and Brooge Holdings’
expected financial performance, as well as their strategic and
operational plans. The actual results may differ materially from
expectations, estimates and projections due to a number of risks
and uncertainties and, consequently, you should not rely on these
forward looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions are intended to identify such forward-looking
statements. These risks and uncertainties include, but are not
limited to: (1) BPGIC’s ability to obtain financing for Phase III
on commercially reasonable terms; (2) the loss of any end-users;
(3) changes in customer demand with respect to ancillary services
provided by BPGIC including throughput, blending, heating, and
intertank transfers; (4) BPGIC’s ability to effectively manage the
risks and expenses associated with the construction of Phase II,
Phase III and other growth and expansion projects; and (5) other
risks and uncertainties indicated from time to time in filings with
or submissions to the SEC by Brooge Holdings. Readers are referred
to the most recent reports filed with or furnished to the SEC by
Brooge Holdings. Readers are cautioned not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made, and we undertake no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
Nicolaas Pardenkooper
nico.paardenkooper@bpgic.com
+971 56 284 2828
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