Brooge Energy LTD Commences Hydrotesting for Phase II Storage Facility Expansion
06 Agosto 2020 - 7:30AM
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 commenced hydrotesting for
its Phase II storage facility expansion, an important
milestone that signifies the advanced stage of the terminal’s
development.
With the commencement of all the necessary
hydrotests, the development of the Phase II facility has now
entered into some of the testing stages required of the
construction process. Hydrotesting is considered a major milestone
of this process confirming the tank integrity. Once Phase II
construction is finalized, the facility will increase the Company’s
total geometric oil storage capacity to approximately 1 million m3
or 6.3 million barrels, from its current geometric capacity of
approximately 400,000 m3, or 2.5 million barrels, and also enables
the Company to offer crude oil storage using some of the latest
technology to enhance Company performance and operational
efficiency.
Nicolaas L. Paardenkooper, CEO of Brooge Energy
and BPGIC, said, “We are nearing an advanced and important leg of
the construction of our Phase II oil storage facility and are very
pleased to reach this milestone, notwithstanding the current
challenges due to ongoing restrictions. Once completed, we believe
this facility will make us the second largest non-captive storage
provider in Fujairah. The facility is already fully contracted on a
multi-year basis so will be operating at full capacity and
revenue-generating as soon as it is operational and past the
testing and commissioning stage.”
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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