BROOGE HOLDINGS PROVIDES UPDATE ON OPERATIONS DURING COVID-19 AND COMMODITY PRICE VOLATILITY
24 Marzo 2020 - 2:00PM
Brooge Holdings Limited (“Brooge Holdings” or the “Company”)
(NASDAQ: BROG), a midstream oil storage and service provider
strategically located outside the Strait of Hormuz, adjacent to the
Port of Fujairah in the United Arab Emirates (“UAE”) through its
wholly-owned subsidiary Brooge Petroleum and Gas Investment Company
FZE (“BPGIC”), announced today that the Company’s business and
operations are continuing largely uninterrupted by the coronavirus
(COVID-19) outbreak and commodity price volatility at this time.
The Company’s high-tech terminal with automatic
solutions enables it to safely operate the facility with a limited
number of staff. The Company’s core business is oil storage and
handling, which continues to be in high demand due to the
volatility in oil prices. The Company enters into multi-year
take-or-pay storage agreements and does not have significant
commodity price risk as it does not own any of the petroleum
products it stores.
Nico Paardenkooper, CEO of Brooge Holdings,
commented, “While we recognize this is an evolving situation, we
have not yet experienced significant disruption to our oil storage
business, and believe that our automated facilities, which rely on
low numbers of employees, will continue to operate largely
unimpeded by this global health crisis. The safety of our employees
remains a top priority for us at this time, and we have implemented
a series of measures to reduce the risk of COVID-19 transmission in
the facilities. Following the sharp decline in oil prices in recent
weeks, global demand for crude and refined products storage has
increased. We therefore do not anticipate any negative impact on
demand for our storage solutions as a result of this market
volatility.”
BPGIC is a key independent storage provider in
Fujairah, UAE, conveniently situated in the East coast port of
Fujairah on the Gulf of Oman which owns capacity to store Clean
Petroleum Products and Fuel Oil using some of the latest technology
to maximize company performance and efficiency, while reducing
operating costs and is developing capacity to store crude oil using
similar technology.
About Brooge Holdings
LimitedBrooge 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 (“BPGIC”), a Fujairah Free Zone Entity. BPGIC is a midstream
oil storage and service provider strategically located outside the
Strait of Hormuz adjacent to the Port of Fujairah in the United
Arab Emirates. BPGIC’s oil storage business 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. For more information please
visit www.broogeholdings.com.
Forward-Looking StatementsThis
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) the ultimate geographic spread, duration and
severity of the coronavirus outbreak and the effectiveness of
actions taken, or actions that may be taken, by governmental
authorities to contain the outbreak or ameliorate its effects; (2)
BPGIC’s ability to obtain financing for Phase III on commercially
reasonable terms; (3) BPGIC’s ability to negotiate and enter into
development and offtake agreements on commercially reasonable
terms; (4) the results of technical and design feasibility studies;
(5) the loss of any end-users; (6) changes in customer demand with
respect to ancillary services provided by BPGIC including
throughput, blending, heating, and intertank transfers; (7) 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 (8) 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.
Company ContactNicolaas
Paardenkooper, Chief Executive OfficerBrooge Holdings
Limitedinvestor.relations@bpgic.com
Investor ContactKCSA Strategic
CommunicationsValter Pinto / Elizabeth Barker+1 212-896-1254 or +1
212-896-1203BROG@kcsa.com
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