Brooge Energy Ltd Engages Ernst & Young to Undertake Market Research and Feasibility Study for its Planned Green Hydrogen and Ammonia Plant in the UAE
11 Agosto 2022 - 3:30PM
Brooge Energy Ltd, (“Brooge Energy” or the “Company”), a Cayman
Islands-based energy infrastructure service provider, which is
currently engaged in clean petroleum products, biofuels, crude oil
storage and related services, announced today that it has engaged
Ernst & Young (‘EY’), one of the largest professional services
providers in the world, to provide consulting services with respect
to its planned Green Hydrogen and Green Ammonia plant.
The study aims to provide market assessment of the green
hydrogen and green ammonia business, which will include a market
outlook with expected future prices and an overview of the
competitive landscape expected. The study scope covers the green
hydrogen and green ammonia projects technical and cost assessment
in addition to a financial and feasibility report. The study will
facilitate Brooge Energy’s transition journey by providing the
outlook for market demand and economic profitability. The Company
plans to commence the study in August 2022 with the final report
expected to be delivered during the fourth quarter of 2022.
Mr. Nicolaas Paardenkooper, Chief Executive Officer of Brooge
Energy, stated, “Engaging EY is another important step in our clean
energy transition. Global demand for clean energy sources has
been strong and is expected to accelerate in the coming years. We
are excited to begin the process of bringing this highly
anticipated project to reality through engaging with the
appropriate partners to see the project to completion. We
strive to be in the forefront of the clean energy movement and our
goal is to be one of the first private sector companies to
successfully implement a green hydrogen/ ammonia project in UAE and
demonstrate its economic and environmental benefits on a local and
global scale.”
As previously announced on June 28, 2022, the Company
established Brooge Renewable Energy Ltd (“BRE”), a wholly owned
subsidiary of Brooge Energy, to focus on green energy related
infrastructure activities. At the same time the Company
announced that BRE, as a first step, planned a Green Hydrogen and
Green Ammonia plant in Abu Dhabi that is targeted to produce up to
300,000 MT green Ammonia per annum and has signed a preliminary
land lease agreement for a 150,000 square meter plot that will
accommodate the project.
About Brooge Energy Limited
Brooge Energy Ltd, is a Cayman Islands-based infrastructure
provider now intending to focus on renewable energy infrastructures
and biofuels, next to clean petroleum products, crude oil storage
and related services. The company conducts its business and
operations through its subsidiaries Brooge Renewable Energy, Brooge
Petroleum and Gas Investment Company FZE, and Brooge Petroleum and
Gas Investment Company Phase 3 FZE (BPGIC). BPGIC, the Company’s
primary operating subsidiary that focuses on midstream oil storage
and other services, is strategically located outside the Strait of
Hormuz at the Port of Fujairah in the Emirate of Fujairah in the
UAE. The Company differentiates itself from competitors by
providing customers with fast order processing times, excellent
customer service and high accuracy blending services with low
product losses. For more information, please visit
at www.broogeenergy.com.
Forward-Looking Statements
This press release contains statements that are not historical
facts, including the Company’s anticipated expansion towards green
hydrogen and green ammonia productions 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
availability of labor and other resources needed to for completion
of a new green hydrogen and ammonia plant, timing of obtaining
regulatory approvals needed with respect to the new facility, the
Company’s ability to complete construction and initiate operations
of the new facility on the anticipated timeline or at all, the
Company’s ability to maintain the lease for the new facility, and
other risks described in public reports filed by Brooge Energy with
the U.S. Securities and Exchange Commission. Forward-looking and
other statements in this press release regarding the Company’s
environmental and other sustainability plans and goals are not an
indication that these statements are necessarily material to
investors or required to be disclosed in our filings with the U.S.
Securities and Exchange Commission. In addition, historical,
current, and forward-looking environmental and
sustainability-related statements may be based on standards for
measuring progress that are still developing, internal controls and
processes that continue to evolve, and assumptions that are subject
to change in the future. 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, Managing Director +1
212-896-1254 BROG@kcsa.com
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