Brooge Energy Engages Ernst & Young (EY) to Perform Feasibility Study for Phase III Facility
16 Febrero 2021 - 8:32AM
Brooge Energy Ltd. (“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 subsidiaries Brooge Petroleum and Gas Investment
Company FZE (“BPGIC”) and Brooge Petroleum and Gas Investment
Company Phase III FZE (“BPGIC III”), today announced it has engaged
Ernst & Young (“EY”) to perform a feasibility study for its
Phase III oil storage facility.
Brooge Energy’s Phase III facility 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. In 2020, Brooge Energy finalized the
Front End Engineering Designs and commenced pre-construction work,
including the Soil Investigation and Environmental Impact
Assessment (“EIA”) report. This feasibility study will progress the
Company’s plans as it prepares for the construction stage. The
Phase III facility is expected to add up to 3,500,000 m3, or 22
million barrels of oil, of capacity and, when complete, would make
Brooge Energy the largest oil storage provider in the Port of
Fujairah, UAE.
Nicolaas L. Paardenkooper, CEO of Brooge Energy
and BPGIC, said, “Given the shortage of oil storage globally, we
are excited to make progress with our project to expand our
capacity in Fujairah, which is one of the largest oil hubs in the
world. The Phase III facility will include crude oil capabilities,
as well as adding more capacity for fuel oil and clean
products.”
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
LimitedBrooge 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 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, 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 for Phase III; (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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