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Brooge Energy Limited, trading under the symbol BROG, is a prominent oil refinery and storage company based in the United Arab Emirates. Through its wholly-owned subsidiary, Brooge Petroleum and Gas Investment Company FZE (BPGIC), the company operates in the Fujairah Free Zone, strategically located outside the Strait of Hormuz and adjacent to the Port of Fujairah.
BPGIC is renowned for its midstream oil storage and ancillary services, including fast order processing times, excellent customer service, and high-accuracy blending services with minimal oil losses, setting it apart from its competitors. Brooge Energy generates revenue primarily through leasing storage capacity for tanks and providing related services.
Notably, Brooge Energy is pioneering the Green Ammonia Project, forecasted to be cost-competitive compared to exports from regions like Australia, North America, and Latin America. The project benefits from lower production costs due to favorable renewable energy prices and reduced freight costs to key end-markets, aiming to set new benchmarks in green ammonia export from the Middle East to Europe and Asia. The project has demonstrated commercial feasibility with an attractive internal rate of return (IRR).
Interim CEO Lina Saheb stated, "We are extremely pleased to announce the successful completion of the Feasibility Study for our Green Ammonia Project. With our early mover advantage and strategic location, we are confident that our export-focused green ammonia production facility will not only meet the rising global demand for green hydrogen carriers but also contribute significantly to the UAE's and the world's net-zero targets. We remain committed to driving sustainable solutions that benefit both our environment and the global economy."
Further solidifying its market position, Brooge Energy recently received a formal acquisition proposal from Gulf Navigation Holdings PJSC, a maritime and shipping company listed on the Dubai Financial Market, to acquire all of Brooge Energy's businesses and assets.
For the latest updates on financial performance, Brooge Energy's unaudited interim condensed consolidated statements for the period ending June 30, 2023, can be reviewed. These documents provide comprehensive insights into the company's income, financial position, and cash flows up to the mid-year mark, reflecting its operational and financial health.
Brooge Energy Ltd reported its unaudited financial results for 2022, highlighting a total revenue of US$79.2 million, operating income of US$48.3 million, and net income of US$26.2 million. The company forecasts a significant revenue increase of approximately 58% year-over-year, projecting total revenues of US$125 million for 2023. Despite pandemic-related delays in phase 2 operations, demand for oil storage remains strong. Brooge Energy focuses on clean petroleum products and biofuels, with its infrastructure strategically located at the Port of Fujairah, UAE.
Brooge Energy Ltd (Nasdaq: BROG) has partnered with Siemens Energy to establish a 650 MW solar PV plant for its Green Hydrogen and Green Ammonia project in the UAE. This collaboration was announced during the World Government Summit 2023 and aims to enhance renewable energy production and reduce carbon emissions. Brooge Renewable Energy will lead the project, marking a significant step in the UAE's energy transition and contributing to the local economy by generating jobs and diminishing fossil fuel dependency. The partnership will also focus on acquiring necessary approvals from governmental bodies.
Brooge Energy Ltd (Nasdaq: BROG) announced on January 11, 2023, that it received a non-compliance notice from Nasdaq for failing to file its interim financial statements for the period ended June 30, 2022, by the December 31, 2022 deadline. This could lead to delisting. The company attended a Nasdaq hearing on December 8, 2022, where it presented a plan to regain compliance with the filing rule and was granted an extension until April 26, 2023, to submit an update. Brooge Energy focuses on clean petroleum products and renewable energy infrastructures, primarily operating through its subsidiary, Brooge Petroleum and Gas Investment Company.
Brooge Energy Ltd (Nasdaq: BROG) has received approval from the Nasdaq Hearings Panel to continue trading its securities at least until the completion of an upcoming hearing. This decision follows the company's appeal against a Nasdaq determination to delist its shares due to the late filing of its Form 20-F for the fiscal year ending December 31, 2021. The company also requested an extension beyond the automatic 15-day stay, which was granted on November 22, 2022.
Brooge Energy Ltd (Nasdaq: BROG) announced it received a staff determination letter from Nasdaq regarding non-compliance with listing requirements due to late filing of its annual report (Form 20-F) for 2021. The company intends to request a hearing to seek an extension, which would stay any suspension or delisting action until at least November 22, 2022. Should the extension be denied, BROG may continue trading on the OTC Markets. The company has experienced compliance issues but is working towards regaining adherence to Nasdaq's requirements.
Brooge Energy Ltd, a Cayman Islands-based infrastructure provider, has appointed Grant Thornton Financial Advisors as an independent financial advisor. The firm will assess the fairness of a proposed acquisition by its majority shareholder, BPGIC Holdings Limited, which seeks to acquire all remaining shares to take the company private. This transaction is contingent on a fairness opinion, special committee approval, and shareholder consent. There is no guarantee that a deal will be finalized.
Brooge Energy Ltd has announced its unaudited financial results for the nine months ending September 30, 2022, reporting total revenue of $51.8 million, with an operating profit of $23.1 million and a net income of $11.1 million. The company maintains 100% contracted storage capacity, benefiting from strong demand for oil storage amid a favorable global economic climate. Brooge Energy is strategically located in Fujairah, UAE, and is prioritizing renewable energy and biofuels alongside its current services.
Brooge Energy Ltd has appointed Firoze Kapadia as an independent board member, achieving compliance with NASDAQ Listing Rule 5605(b)(1), which requires a majority of independent directors. With this addition, the board now consists of seven members, including four independent directors.
Kapadia, a Chartered Certified Accountant with 27 years of experience, brings valuable financial and regulatory insight. CEO Nicolaas Paardenkooper expressed optimism about Kapadia's contribution to Brooge Energy's growth, especially as the company shifts focus towards renewable energy infrastructures and biofuels.
Brooge Energy has engaged thyssenkrupp Uhde to conduct a technical study for its planned Green Hydrogen and Green Ammonia plant in Abu Dhabi. This study will detail cost estimates for capital and operating expenditures, EPC timelines, and layout documents, with a final report due in Q4 2022. Brooge Energy aims to produce up to 600,000 MT of green ammonia annually, with construction expected to begin in 2023. The company is committed to transitioning to clean energy and being a leader in the green energy sector.
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