BPGIC Signs a New Refinery Agreement
24 Febrero 2020 - 5:44PM
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 entered into a
refinery agreement with its Phase I off take customer, Al Brooge
International Advisory LLC (“BIA”). The Refinery Agreement provides
that the parties will use their best efforts to finalize the
technical and design feasibility studies for a refinery with a
capacity of 25,000 bpd to be located on BPGIC’s Phase I and II land
and operated by BPGIC. BPGIC and BIA further agreed to negotiate a
sublease agreement and a joint venture agreement to govern the
terms on which BPGIC will sublease land to BIA to locate, BIA will
construct, and BPGIC will operate, the refinery. BPGIC and BIA
expect that the refinery will produce low sulfur fuel oil in
compliance with IMO 2020 requirements.
Nicolaas Paardenkooper, Chief Executive Officer
of both Brooge Holdings and BPGIC stated, “BPGIC expects the
refinery to become operational at the end of 2020 and believes the
economic terms of its new arrangement with BIA will be similar to,
or better than, the economic terms of its prior arrangement.” The
parties intend to enter a sublease agreement and a definitive joint
venture agreement respecting the refinery within 30 business days.
There can be no assurance that BPGIC will be able to negotiate
commercially reasonable terms for such sublease agreement and such
joint venture agreement or that it will be able to enter a sublease
agreement and a definitive joint venture agreement with BIA at
all.
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 negotiate and enter into a
sublease agreement and a definitive joint venture agreement with
BIA on commercially reasonable terms or at all; (2) the results of
the technical and design feasibility studies; (3) BPGIC’s ability
to obtain financing for Phase III on commercially reasonable terms;
(4) the loss of any end-users; (5) changes in customer demand with
respect to ancillary services provided by BPGIC including
throughput, blending, heating, and intertank transfers; (6) 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, including the refinery; and (7) 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:
Mr. Nicolaas Pardenkooper
+971 2 6333 149
nico.paardenkooper@bpgic.com
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