Brooge Energy Ltd Commences Preconstruction Work on Phase III Oil Storage Facility
22 Octubre 2020 - 8:43AM
Brooge Energy Ltd. (“Brooge Energy” or the “Company”) (NASDAQ:
BROG), a midstream oil storage and service provider, is pleased to
announce the beginning of preconstruction work for its Phase III
oil storage terminals and refinery, which will be strategically
located outside the Strait of Hormuz, adjacent to the Port of
Fujairah in the United Arab Emirates (“UAE”).
The preconstruction work includes the
commencement of the Soil Investigation and the Environmental Impact
Assessment (“EIA”) report. These are major milestones that pave the
way for construction to start on the Phase III oil storage facility
in Fujairah, UAE, which is expected to be operational in late 2022.
Upon completion, this would make Brooge Energy the largest oil
storage provider in the Port of Fujairah, UAE, which is one of the
largest global oil export hubs. Brooge Energy will construct and
operate its planned Phase III facility through its newly formed and
wholly-owned subsidiary, Brooge Petroleum and Gas Investment
Company Phase III FZE (“BPGIC III”).
Nicolaas L. Paardenkooper, CEO of Brooge Energy,
said, “We are very pleased to have started preconstruction work on
our Phase III facility, which is a key next step in our strategy to
increase our storage capacity, accelerate revenue growth and
further entrench our position as a leading oil storage provider in
the Port of Fujairah. Starting the Soil Investigation and the EIA
report are significant developments and bring us closer to
commencing construction on the facility.”
The Company’s Phase III facilities will be built
to the same award-winning specifications that were used for its
Phase I and II facilities, including advanced technology that
utilizes automated processes, thereby enabling the Company to
minimize costs and generate higher returns than traditional oil
storage facilities.
About Brooge Energy Limited
Brooge Energy conducts all of its business and
operations through its wholly-owned subsidiaries, Brooge Petroleum
and Gas Investment Company FZE (“BPGIC”) and Brooge Petroleum and
Gas Investment Company Phase III FZE (“BPGIC III”), Fujairah Free
Zone Entities. Brooge Energy 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. Its
oil storage business differentiates itself from competitors by
providing customers with fast order processing times, excellent
customer service and high accuracy blending services with low oil
losses. For more information please visit at
www.broogeenergy.com
Forward-Looking Statements
With respect to the potential follow-on
issuances referenced herein, there can be no assurance that any
follow-on issuances will occur, or if they do occur, as to their
terms and conditions.
This 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, BPGIC III’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) Brooge Energy’s and its subsidiaries’ ability to
obtain financing for Phase III on commercially reasonable terms;
(3) Brooge Energy’s and its subsidiaries’ 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 Soil Investigation and the
Environmental Impact Assessment report; (5) the loss of any
end-users; (6) changes in customer demand with respect to ancillary
services provided by Brooge Energy and its subsidiaries including
throughput, blending, heating, and intertank transfers; (7) Brooge
Energy’s and its subsidiaries’ 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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