BPGIC and FOIZ Have a Prestigious Signing Ceremony for BPGIC’s New Land Lease at London IP Week
27 Febrero 2020 - 3:10PM
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 had a prestigious
signing ceremony in London during the International Petroleum week
with Fujairah Oil Industrial Zone (“FOIZ”) to mark the signing of
their previously announced land lease agreement.
The new land is expected to take BPGIC’s
expansions plans to the next level, to triple its existing storage
capacity at the Port of Fujairah (the “Port”) and make BPGIC the
largest oil storage provided at the Port.
The prime plot of land is strategically located
having a direct access to the sea and the Port’s main road, with a
total area of approximately 450,000 m2 on which BPGIC plans to
develop its Phase III facility.
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 have expressed interest in working with BPGIC on the
Phase III facility.
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.
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 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 Phase III
on commercially reasonable terms; (2) BPGIC’s ability to negotiate
and enter into development and offtake agreements on commercially
reasonable terms; (3) the results of technical and design
feasibility studies; (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; 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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