Brooge Energy Ltd. Officially Opens Phase II Storage Facility
06 Octubre 2021 - 3:30PM
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”), is pleased to announce that
its wholly owned subsidiary, Brooge Petroleum and Gas Investment
Company FZE (“BPGIC”), inaugurated its Phase II storage facility on
September 21, 2021. Reflecting the importance of this
facility, present at the ribbon cutting ceremony were HH Sheikh
Hamad bin Mohammed Al Sharqi, Ruler of Fujairah and Member of the
UAE’s Supreme Council, and OPEC Secretary General Mohammad Sanusi
Barkindo, along with the Executive team of Brooge Energy.
LINK to Photo
Galleryhttps://broogeenergy.com/bpgic-phase-2-opening-ceremony/
Nicolaas L. Paardenkooper, CEO of Brooge Energy
and BPGIC, said, “We are extremely proud to have successfully
constructed and opened this important facility during this global
pandemic period we have all been faced with, which has affected
global supply chains, amongst other challenges. The facility
began receiving cargo at the early part of September and has been
generating revenue since then. With oil storage in high
demand in the region, we already have contracts in place to fill
the entire capacity and importantly with multi-year take-or-pay
contracts.” Mr. Paardenkooper, further added, “The opening of
this facility and our plans to move ahead with Phase III reflects
our commitment to support the UAE’s important role in the world’s
oil industry.”
With the opening of this facility, 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. The new Phase II facility was built utilizing
state-of-the-art technology to maximize performance and efficiency
and can store not only crude and fuel oils but also clean petroleum
products which is a competitive edge the company is able to provide
to its customers. Additionally, the Company is also able to
provide is customers with ancillary services including product
blending and heating.
About Brooge Energy
LimitedBrooge 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 StatementsThis
press release contains statements, including all information
relating to matters that are not historical facts, including the
expected revenues from Phase II and the anticipated construction of
Phase III, 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 Contact KCSA Strategic Communications
Valter Pinto or Kathleen Heaney +1 212-896-1254 BROG@kcsa.com
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