Brooge Energy LTD Signs Offtake Agreement with Super Major Oil Company
04 Mayo 2020 - 7:35AM
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 it has signed an offtake contract
with an oil trading company which is one of the “Super major” oil
companies in the world, to provide oil storage in Phase I for an
initial six month period commencing on 28th April 2020. The
contract is renewable for another six months subject to agreement
from both parties.
Nicolaas L. Paardenkooper, CEO of Brooge Energy
and BPGIC, said, “The recent and significant increase in the
world’s oil supply at a time when demand for oil has fallen has
caused oil storage capacity worldwide to rapidly fill up, and
storage tanks in Fujairah to reach full capacity. As a result of
these new market dynamics, we successfully negotiated with our
existing Phase I offtake customer for the return of 129,000 cbm of
storage capacity, which we have now fully contracted in order to
accommodate the requirements of the super major oil company. We are
pleased to kick start this partnership alongside executing on our
long-term expansion plans, which are expected to position us as the
largest independent storage provider in Fujairah upon completion of
our Phase III build-out.”
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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