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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 has announced that its financial statements for 2018, 2019, and 2020 cannot be relied upon and will require restatement. The company's majority shareholder, BPGIC Holdings Limited, is interested in acquiring the remaining shares and taking the company private. The Board is considering this proposal and will engage in negotiations. Any transaction will need fairness opinion and approval from shareholders and bondholders. The press release highlights the company's focus on renewable energy infrastructures and its operational strengths in midstream oil storage.
Brooge Energy Ltd has engaged Ernst & Young to conduct a comprehensive assessment of its planned Green Hydrogen and Green Ammonia plant. This study, commencing in August 2022, aims to evaluate market demand, forecast future prices, and assess technical feasibility, ultimately supporting Brooge Energy's transition to clean energy. The company targets production of up to 300,000 MT of green ammonia per annum at the Abu Dhabi site, with a land lease already secured. The final report from EY is anticipated in Q4 2022.
Brooge Energy Ltd confirmed that its facilities in the Port of Fujairah are secure following unprecedented floods in the region, which have not occurred in over 25 years. The company, focused on clean petroleum products and biofuels, announced effective management and safety measures taken during the incident, showcasing the resilience of its technologically advanced oil storage infrastructure. Brooge Energy emphasized that these circumstances enhance its competitive edge in the market, which is seeing a high demand for oil storage solutions.
Brooge Energy Ltd has announced the establishment of a new subsidiary, Brooge Renewable Energy Ltd, focusing on green energy infrastructure. The company has signed a preliminary land lease agreement for a planned Green Hydrogen and Ammonia plant in UAE, which aims to produce up to 300,000 MT of green ammonia annually. This strategic shift aligns with increasing global demands for clean energy. CEO Nicolaas Paardenkooper highlighted the positive growth potential of renewable energy, emphasizing the goal of contributing to carbon neutrality and sustainable energy production.
Brooge Energy, a Cayman Islands-based infrastructure provider for Clean Petroleum Products and Biofuels, announced it received a notice from Nasdaq indicating non-compliance with Listing Rule 5250(c)(1) due to failure to file its 2021 Form 20-F. The delay is linked to an ongoing SEC examination of its financial statements. The company has 60 days to submit a plan for regaining compliance, potentially extending until October 28, 2022. Despite this notice, Brooge's listing on the Nasdaq remains intact at this time.
Brooge Energy Ltd. (Nasdaq: BROG) announced a strategic initiative to upgrade its Phase I storage facility to enhance revenue. This involves retrofitting four storage tanks for gasoline and clean products, capitalizing on rising oil prices and strong market demand for storage. The upgrades will increase margins due to higher priced product offerings. The company has letters of intent in place, indicating robust demand post-upgrade. CEO Paardenkooper noted that this initiative positions Brooge Energy to capture market opportunities and build shareholder value amid favorable conditions.
Brooge Energy (NASDAQ: BROG), a midstream oil storage provider, has won the Best Enterprise award in the oil and gas sector in the UAE, conferred by the Europe Business Assembly. This recognition underscores the company’s commitment to excellence in service and operations.
CEO Nicolaas Paardenkooper highlighted that this award reflects the hard work of all employees. Brooge Energy operates through its subsidiaries in the Fujairah Free Zone, offering fast processing times and accurate blending services.
Brooge Energy Ltd. (NASDAQ: BROG) announced non-compliance with Nasdaq Listing Rule 5605 due to the failure to elect two nominated directors at its December 16, 2021 shareholder meeting. Currently, the board consists of six members, including three independent directors. The Nasdaq notice does not affect its listing, provided compliance is regained by the next annual meeting or June 14, 2022. The company plans to appoint an additional independent director with expertise in oil, gas, and renewable energy to meet the requirements and position itself for future growth.
Brooge Energy Ltd. has appointed Lina Saheb as Deputy Chief Executive Officer effective October 28, 2021. Previously the Chief Strategy Officer, Saheb has played a crucial role in the company’s growth and ESG initiatives since its inception in 2010. Her new position is anticipated to bolster the company’s strategic growth and move towards renewable energy services. CEO Nicolaas L. Paardenkooper highlighted her contributions and expressed optimism for future developments under her leadership, particularly in reinforcing the company’s market position.
Brooge Energy Ltd. (NASDAQ: BROG) has opened its Phase II storage facility in Fujairah, UAE, which is fully contracted out and currently generating revenue. With this facility, Brooge is now the second largest independent storage operator in the region, boasting a capacity of approximately one million cubic meters (6.3 million barrels). The facility provides competitive advantages by storing various oil types and offering ancillary services. CEO Nicolaas L. Paardenkooper emphasized the project's significance and the company's commitment to the UAE's oil industry during the pandemic.
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