BPGIC And Sahara Energy Announce Their Mutual Agreement To Discontinue Their Joint Development Project to Install a Modular R...
21 Febrero 2020 - 4:00PM
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 and Sahara Energy
Resources DMCC (“Sahara”) have mutually agreed to discontinue their
joint development project that would have resulted in Sahara’s
installation of a modular refinery at BPGIC’s terminal. After
conducting several technical studies over the past few months,
BPGIC and Sahara decided to discontinue their joint development
project due to their differing perspectives and visions for the
refinery.
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 the
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 its future
expansion 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.
Contact
Nicolaas Paardenkooper, Chief Executive
OfficerBrooge Holdings
Limited+971-2-633-3149investor.relations@bpgic.com
Brooge Energy (NASDAQ:BROG)
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