- Oops!Something went wrong.Please try again later.
Facility is currently fully contracted out and generating revenue
With opening of Phase II facility, Brooge is now the second largest independent storage operator in the region
NEW YORK, Oct. 06, 2021 (GLOBE NEWSWIRE) -- 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 Gallery
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 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.
This 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.
KCSA Strategic Communications
Valter Pinto or Kathleen Heaney