Brooge Energy Announces Exceptional Safety Record Since Operations Began

Rhea-AI Summary

Brooge Energy Ltd. (NASDAQ: BROG) announced a significant milestone of achieving 3.75 million hours without safety issues, including zero long-term injuries and zero product spills. The CEO emphasized their commitment to safety, which has been maintained since Phase I operations began in late 2017. As the company approaches completion of its Phase II facility, it continues to expand its storage capacity for clean petroleum products and crude oil. Brooge Energy's strategic location in the UAE enhances its market position.

Positive

• Achieved 3.75 million hours without safety issues.
• Zero long-term injuries and product spills reported.
• Completion of Phase II facility nearing.
• Strategically located near the Port of Fujairah for enhanced logistics.

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• None.

NEW YORK, March 23, 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, adjacent to the Port of Fujairah in the United Arab Emirates (“UAE”) through its wholly-owned subsidiaries Brooge Petroleum and Gas Investment Company FZE (“BPGIC”) and Brooge Petroleum and Gas Investment Company Phase III FZE (“BPGIC III”), announced today it has reached a major milestone by reporting 3.75 million hours worked without any safety issues, including zero long term injuries (“LTI”), zero product spills and all products delivered to customer specifications, among other industry related KPI’s.

Nicolaas L. Paardenkooper, CEO of Brooge Energy and BPGIC, said, “We are proud to report no safety issues since the start of our Phase I operations in late 2017 and throughout the construction of our Phase II facility, which is nearing completion. Safety has always been paramount to the oil industry and the midstream sector is no exception. We believe our excellent safety record is due to strict adherence to compliance processes, as well as our investment in building out highly automated terminals which have continued to operate seamlessly throughout the year despite the restrictions placed on us due to COVID-19.”

BPGIC is a key independent storage provider in Fujairah, UAE, conveniently situated in the East-coast port of Fujairah on the Gulf of Oman, which owns capacity to store clean petroleum products (CPP) and fuel oil using some of the latest technology to maximize company performance and efficiency, while reducing operating costs. Through the development of its Phase II and Phase III facilities, it is also building additional CPP storage capacity as well as crude oil storage capacity using similar technology.

About Brooge Energy Limited

Brooge Energy conducts all of 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 (“BPGIC III”), Fujairah Free Zone Entities. Brooge Energy is a midstream oil storage and service provider strategically located outside the Strait of Hormuz adjacent to 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 “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties concerning BPGIC’s, BPGIC III’s and Brooge Energy’s expected financial performance, as well as their strategic and operational plans. The actual results may differ materially from expectations, estimates and projections due to a number of risks and uncertainties and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “would,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These risks and uncertainties include, but are not limited to: (1) the ultimate geographic spread, duration and severity of the coronavirus outbreak and the effectiveness of actions taken, or actions that may be taken, by governmental authorities to contain the outbreak or ameliorate its effects; (2) Brooge Energy’s and its subsidiaries’ ability to obtain financing for Phase III on commercially reasonable terms; (3) Brooge Energy’s and its subsidiaries’ ability to negotiate and enter into development and offtake agreements on commercially reasonable terms; (4) the results of technical and design feasibility studies, including the Soil Investigation and the Environmental Impact Assessment report for Phase III; (5) the loss of any end-users; (6) changes in customer demand with respect to ancillary services provided by Brooge Energy and its subsidiaries including throughput, blending, heating, and intertank transfers; (7) Brooge Energy’s and its subsidiaries’ ability to effectively manage the risks and expenses associated with the construction of Phase II, Phase III and other growth and expansion projects; and (8) other risks and uncertainties indicated from time to time in filings with or submissions to the SEC by Brooge Energy. Readers are referred to the most recent reports filed with or furnished to the SEC by Brooge Energy. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no 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 / Elizabeth Barker
+1 212-896-1254 or +1 212-896-1203
BROG@kcsa.com

FAQ

What safety milestone did Brooge Energy report in March 2021?

Brooge Energy reported achieving 3.75 million hours worked without safety issues, including zero long-term injuries and spills.

What does Brooge Energy focus on in its operations?

Brooge Energy focuses on midstream oil storage services, emphasizing safety and efficiency in its operations.

When did Brooge Energy begin its Phase I operations?

Phase I operations of Brooge Energy started in late 2017.

What is the significance of Brooge Energy's location?

Brooge Energy is strategically located adjacent to the Port of Fujairah, enhancing its logistical advantages in oil storage.

What future plans does Brooge Energy have for its facilities?

Brooge Energy is developing additional storage capacity through its Phase II and Phase III facilities.