Brooge Energy Subsidiary, BPGIC, Wins International Award for Best Terminals of the Year in the Middle East for the Year 2021...
11 Marzo 2021 - 3:10PM
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”), today announced its
wholly-owned subsidiary Brooge Petroleum and Gas Investment FZE
(“BPGIC”) has won the Global Ports Forum Award (the “Forum”) for
the best terminals of the year in the Middle East for the year
2021. BPGIC received this award - for the third time in a row - in
recognition of its efforts and contribution to the field of oil and
fuel storage in the port of Fujairah. The Global Ports Forum
was launched in 2008 in Singapore, to foster cooperation between
ports around the world. The forum is committed to improving
global ports and promoting port interests, and provides an overview
of emerging trends in the port industry at the global level.
The selection of BPGIC was based on the
nominations that reached the Forum from international
organizations, and the strong performance of the Company during the
last year. BPGIC is proceeding with its Phase II project to expand
its capacity in Fujairah, one of the largest oil storage locations
in the world. Through its wholly-owned subsidiary Brooge Petroleum
and Gas Investment Company Phase III FZE (“BPGIC III”), the Company
is also planning construction for its Phase III facility which will
include crude oil tanks, in addition to increasing capacity for
fuel oil and clean products.
Nicolaas L. Paardenkooper, CEO of Brooge Energy
and BPGIC, said, “If one thing has become clear over the past year,
it is the strategic importance of the midstream sector in
supporting the infrastructure and storage needs of the oil industry
and enabling the market to work efficiently. We are proud to have
won this award for the best terminals of the year in the Middle
East for the third year running, which is a testament to our strong
performance over the past year. Even throughout the volatility of
2020 – including lockdowns and other severe restrictions – our
Phase I facility continued to operate seamlessly and provide a
reliable and much-needed service to our customers at a time when
oil storage was in extremely high demand. Buoyed by this success,
we are looking forward to launching our Phase II storage facility
in the near future, and are simultaneously making headway with our
plans to build out a Phase III facility.”
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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