Brooge Energy LTD Announces Completion of Basic Design for Phase III Facility
15 Julio 2020 - 8:11AM
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 MUC Oil & Gas Engineering
Consultancy (“MUC”) has issued the final basic design for the
Company’s planned Phase III oil storage terminals and refinery.
In April 2020, the Company appointed MUC Oil
& Gas Engineering Consultancy to complete the basic design and
Front End Engineering Design (FEED) study for its planned 180,000
bpd refinery and the Phase III oil storage facility in Fujairah,
UAE. Completing the basic design progresses the Company’s plan to
develop up to 3.5 million m3 of storage capacity, the equivalent of
22 million barrels. The Company is targeting the Phase III facility
to be operational in late 2022.
Nicolaas L. Paardenkooper, CEO of Brooge Energy
and BPGIC, said, “Our vision is to build the largest oil storage
and be the best service provider in the Port of Fujairah in the
UAE, which is one of the world’s most strategically important choke
points with approximately 25% of total global oil passing through
this strait. Once Phase III is completed, this would bring our
total storage capacity up to 4.5 million m3, which is the
equivalent of 28.3 million barrels of oil. We are pleased that MUC
has completed the basic design, which is an important stage in the
planning and development of the facility, and that they are
progressing with the FEED study which is anticipated to be
completed in the coming weeks. Concurrently, we are in discussions
with global oil majors that have expressed interest in contracting
portions of the Phase III facility. We plan to ensure that Phase
III capacity is fully contracted through a multi-year take-or-pay
contract prior to commencing construction to ensure revenue
stability and visibility.”
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
inter tank 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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