Brooge Energy Ltd. Applies for Permit to Start Testing and Commissioning as Final Regulatory Step Ahead of Starting its Phase...
14 Julio 2021 - 3:15PM
Brooge Energy Ltd. (“Brooge Energy” or the “Company”) (NASDAQ:
BROG), a midstream oil storage and service provider strategically
located outside the Strait of Hormuz, in the Port of Fujairah in
the United Arab Emirates (the “UAE”), today announced that its
wholly owned subsidiary, Brooge Petroleum and Gas Investment
Company FZE (“BPGIC”), has applied for a permit to commence testing
and commissioning for its Phase II storage facility, the final step
in order to secure regulatory approval to open the facility. Phase
II is fully contracted, and the Company has already commenced
receipt of advanced income for Phase II storage fees, which are
anticipated to contribute to its revenues in the second half of
2021.
The new facility was built to the same exacting
and award-winning standards as the Company’s Phase I
facility. When opened, BPGIC is expected to be the second
largest independent storage operator in the region with capacity of
approximately one million cubic meters, or 6.3 million
barrels.
Nicolaas L. Paardenkooper, CEO of Brooge Energy
and BPGIC, said, “We are very pleased to have substantially
completed all construction work on our Phase II storage facility
and doing so under the challenging environment that the pandemic
presented. We are now moving into the final stages before
opening the facility. Phase II will significantly expand our
storage capacity to include crude oil along with fuel oil.
Additionally, the opening of this facility further strengthens our
leadership position and is expected to generate significant new
revenue for the Company. Oil storage is in high demand at the
moment, with all the existing storage units in Fujairah at full
capacity. Our strategic location, automated terminals, and
comprehensive ancillary services such as blending, heating, and
inter-tank transfers, make us exceedingly well-positioned to
leverage this opportunity to build value for shareholders.”
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, including the
expected timing for completion of Phase II and the anticipated
contribution to revenues, 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 the
timing of obtaining regulatory approvals to open the Phase II
storage facility, if received at all, as well as other 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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