Brooge Energy Subsidiary, BPGIC, Wins International Award for Best Terminals of the Year in the Middle East for the Year 2021
NEW YORK, March 11, 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”), today announced its wholly-owned subsidiary Brooge Petroleum and Gas Investment FZE (“BPGIC”) has won the Global Ports Forum Award (the “Forum”) for the best terminals of the year in the Middle East for the year 2021. BPGIC received this award - for the third time in a row - in recognition of its efforts and contribution to the field of oil and fuel storage in the port of Fujairah. The Global Ports Forum was launched in 2008 in Singapore, to foster cooperation between ports around the world. The forum is committed to improving global ports and promoting port interests, and provides an overview of emerging trends in the port industry at the global level.
The selection of BPGIC was based on the nominations that reached the Forum from international organizations, and the strong performance of the Company during the last year. BPGIC is proceeding with its Phase II project to expand its capacity in Fujairah, one of the largest oil storage locations in the world. Through its wholly-owned subsidiary Brooge Petroleum and Gas Investment Company Phase III FZE (“BPGIC III”), the Company is also planning construction for its Phase III facility which will include crude oil tanks, in addition to increasing capacity for fuel oil and clean products.
Nicolaas L. Paardenkooper, CEO of Brooge Energy and BPGIC, said, “If one thing has become clear over the past year, it is the strategic importance of the midstream sector in supporting the infrastructure and storage needs of the oil industry and enabling the market to work efficiently. We are proud to have won this award for the best terminals of the year in the Middle East for the third year running, which is a testament to our strong performance over the past year. Even throughout the volatility of 2020 – including lockdowns and other severe restrictions – our Phase I facility continued to operate seamlessly and provide a reliable and much-needed service to our customers at a time when oil storage was in extremely high demand. Buoyed by this success, we are looking forward to launching our Phase II storage facility in the near future, and are simultaneously making headway with our plans to build out a Phase III facility.”
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 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 capacity to store crude oil 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
