BROOGE ENERGY LTD ANNOUNCES TECHNICAL STUDIES FOR REFINERY AND PHASE III OIL STORAGE TERMINALS
22 Abril 2020 - 3:05PM
Brooge Energy Limited (“Brooge Energy” 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 it has appointed MUC Oil &
Gas Engineering Consultancy (“MUC”) to complete the basic design
for a 180,000 bpd refinery and Front End Engineering Design (FEED)
study for its planned Phase III oil storage terminals in Fujairah.
The studies, which are expected to be completed
within three months, will develop all necessary technical
definition, cost and schedule estimates for the proposed Phase III
facility. Brooge Energy believes that, upon completion, the Phase
III facility can add an additional storage capacity ranging from
2,100,000 m3 up to 3,500,000 m3 of fuel oil, clean products and
crude oil. 3,500,000 m3 equates to approximately three and half
times the size of its projected post-Phase II capacity of 1,000,585
m3. The Company also aims to include a refinery of up to 180,000
bpd. The layouts and refining capacity are expected to be finalized
upon FEED Study completion.
“This is a major milestone in the development of
the project,” said Nicolaas L. Paardenkooper, CEO of Brooge Energy
and BPGIC. “MUC is the same technical advisor that designed the
facilities for our Phase I and Phase II terminals and we are
pleased to partner with them again to advance our plans to develop
our Phase III facility, using the same award-winning technology,
technical features and tank diversification as used in Phase I and
Phase II. We believe this expansion would, upon completion, make us
the largest independent oil storage and service provider in
Fujairah.”
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. Through the development of its Phase II and Phase
III facilities, it is also building capacity to store crude oil
using similar technology.
About Brooge Energy Limited
Brooge Energy, formerly known as 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 Energy’s 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,” “would,” “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,
including the Phase III FEED study; (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 Energy. Readers are referred to
the most recent reports filed with or furnished to the SEC by
Brooge Energy. 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.
Investor ContactKCSA Strategic
CommunicationsValter Pinto / Elizabeth Barker+1 212-896-1254 or +1
212-896-1203BROG@kcsa.com
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