Brooge Energy Ltd. Announces Strategic Decision to Add Additional Features to Select Storage Tanks at its Phase I Facility
07 Marzo 2022 - 8:00AM
Brooge Energy Ltd. (“Brooge Energy” or the “Company”) (Nasdaq:
BROG), a midstream oil storage and service provider strategically
located outside the Strait of Hormuz, announced today the
undertaking of a strategic revenue enhancing initiative at its
Phase I storage facility location in order to capture the better
pricing opportunity afforded by adding storage capability of
gasoline and other clean products such as bio-diesel and bio-fuel.
The Company expects to upgrade four storage
tanks in total, two of which are already undergoing retro-fitting.
Upon completion of the upgrade of the first two, which primarily
consists of adding an internal floating roof, both will be
re-opened to accept gasoline and clean products. The second two
tanks will then undergo the same process for approximately 90
days.
The Company has already received strong demand
for storage of the higher priced gasoline and clean products. With
letters of intent (LOIs) already in place, the Company will be well
positioned to meet storage demand for this more attractive product
after the upgrades are complete.
Commenting on work underway, Mr. Paardenkooper,
Chief Executive Officer of Brooge Energy and BPGIC, stated, “We are
taking actions in the near-term that we expect will yield the
Company higher margin revenue. We are currently seeing strong
demand for our storage facilities and the price of oil per barrel
has reached levels not seen since 2014, making this an opportune
time for us to undertake this project and capture the upside as we
move through the year. Our strategic location coupled with the
investments we are making to better serve our customers, have us
well-positioned to leverage this opportunity to build value for
shareholders.”
About Brooge Energy
LimitedBrooge Energy conducts all 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, 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 that are not historical facts and
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 U.S. Securities and Exchange Commission. 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 or Kathleen Heaney+1 212-896-1254
BROG@kcsa.com
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