Brooge Energy Ltd. Achieves Major Milestone with Launch of Phase II Storage Facility; Receives First Cargo
09 Septiembre 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 commenced operations at its Phase II
storage facility and received its first cargo, following the
successful completion of all testing and commissioning at the site
and receipt of regulatory approvals.
The new Phase II facility was built to the same
exacting and award-winning standards as the Company’s Phase I
facility, utilizing some of the latest technology to maximize
company performance and efficiency, while reducing operating costs.
The Company’s seamless, automated storage solutions use a superior
facility design that is designed to reduce product losses for its
end users and offer ancillary solutions such as heating and
blending. The facility includes clean petroleum products (CPP)
storage capacity as well as crude oil storage capacity and is fully
contracted. BPGIC is now 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, “This is a major milestone for Brooge Energy and
follows months of careful planning, construction, contract
negotiations and testing, all while navigating a challenging
macro-environment which impacted on our supply chain and
construction timelines. We are pleased that our Phase II facility,
which now includes capacity to store crude oil along with fuel oil,
is officially open and revenue-generating, having received its
first cargo. Oil storage in the port of Fujairah in the Middle East
is in high demand, which has enabled us to fully contract the
entire capacity with multi-year take-or-pay contracts.”
About Brooge Energy Limited
Brooge Energy conducts all its business and
operations through its wholly owned subsidiaries, Brooge Petroleum
and Gas Investment Company FZE 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 in 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
This 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 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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