Brooge Energy Ltd. Clients Renew 233,072 cbm of Storage Capacity at 70% Premium to Previous Pricing with Longer Term Fixed In...
01 Junio 2021 - 7:52AM
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, today announced its customers
have successfully renewed their fixed lease contracts for 233,072
cbm of Brooge Energy’s Phase I storage capacity, at a premium that
is 70% higher than the starting fixed lease storage price of the
earlier contracts.
The contract renewals consist of a total of
190,072 cbm signed with two clients on three-year terms each
consisting of one year plus a two-year mutual renewal clause. The
remaining 43,000 cbm was renewed by a client for a three-year term
consisting of six months plus six months, subject to mutual renewal
for an additional two years.
Nicolaas L. Paardenkooper, CEO of Brooge Energy
and BPGIC, said, “We continue to experience strong demand for our
facilities as, particularly, Fujairah in The Middle East proves
itself to be a significant oil storage hub, as a result of the
continued lead taken by the region in the production of crude oil
and its increasing refining capacity. Our ability to provide
seamless, automated storage solutions with a superior facility
design that is designed to reduce product losses for our end users,
as well as ancillary solutions such as heating and blending, make
us the preferred choice our clients.”
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 (CPP) 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 additional CPP
storage capacity as well as crude oil storage capacity 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 statements, including all information
relating to matters that are not historical facts, that constitute
“forward-looking statements” within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Such statements reflect management’s current views based on
certain assumptions, and they involve risks and uncertainties.
Actual results, events or performance may differ materially from
the forward-looking statements due to a number of important
factors, and will be dependent upon a variety of factors, including
risks described in public reports filed by Brooge Energy with the
SEC, including under the caption “Risk Factors” in Brooge Energy’s
Annual Report on Annual Report on Form 20-F for the year ended
December 31, 2020, filed with the SEC on April 5, 2021, as amended
by Amendment No. 1 to the Annual Report on Form 20-F/A filed with
the SEC on April 6, 2021. Readers are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made. Brooge Energy does not undertake any 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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