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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 (NASDAQ: BROG) reported a revenue increase to $23.3 million for the six months ending June 30, 2021, up from $22.9 million in 2020, primarily due to higher storage rates. The company announced the completion of its Phase II facility, which is expected to boost revenues in the latter half of 2021. Gross profit decreased by 4.0% to $16.1 million, while net profit fell to $11.1 million from $16.2 million in 2020 due to rising finance costs. Brooge also signed five new contracts with higher premiums, and its cash and bank balances stood at $37.2 million.
Brooge Energy Ltd. (NASDAQ: BROG) announced it will release its financial results for the six months ended June 30, 2021, on September 13, 2021. The company will discuss these results in a conference call on September 15, 2021, at 8:00 a.m. ET. Investors can participate in a question-and-answer session following management's remarks. Brooge Energy operates midstream oil storage in the UAE and aims to differentiate itself through rapid order processing and high-quality customer service. For further details, visit broogeenergy.com.
Brooge Energy Ltd. (NASDAQ: BROG) has officially begun operations at its new Phase II storage facility in Fujairah, UAE, significantly enhancing its capacity to store crude oil and clean petroleum products. This facility, built to high standards, has a total capacity of approximately 1 million cubic meters (6.3 million barrels) and is fully contracted with multi-year agreements. The Phase II facility is expected to generate revenues in the latter half of 2021, affirming Brooge's position as the second largest independent storage operator in the region.
Brooge Energy Ltd. (NASDAQ: BROG) announced positive results from a feasibility study for its Phase III oil storage and refinery expansion in Fujairah. The study confirms the project's financial viability, targeting a 2.5 million cbm oil storage facility and a 25,000 bpd modular refinery, with operations expected by 2023. The expansion will cement Brooge Energy as the largest independent oil storage provider in the region. Key advantages include strategic location and technology compliance with IMO 2020 standards, driving sustainable storage and refinery demand.
Brooge Energy Ltd (NASDAQ: BROG) has applied for a permit to begin testing its Phase II storage facility, located in Fujairah, UAE, following the completion of construction. This facility is fully contracted and will allow Brooge Energy to start receiving advanced storage fees, enhancing revenues in the latter half of 2021. Once operational, it will become the region's second-largest independent storage operator, with a total capacity of approximately 1 million cubic meters (6.3 million barrels). The demand for oil storage remains high, positioning the company favorably.
Brooge Energy Ltd. (NASDAQ: BROG) has announced a 25,000 bpd modular refinery through its subsidiary, BPGIC, via a Refinery Agreement with an oil trading company. BPGIC will sublease land and operate the refinery, earning tolling fees on a 20-year contract. The refinery will produce Very Low Sulphur Fuel Oil compliant with IMO 2020, supporting the UAE's increasing oil production capacity. CEO Nicolaas L. Paardenkooper emphasizes this partnership mitigates financial risks while enhancing revenue potential at favorable EBITDA margins.
Brooge Energy Ltd. (NASDAQ: BROG) announced successful renewals of fixed lease contracts for 233,072 cbm of its Phase I storage capacity, with prices increasing by 70% compared to previous contracts. The renewals include three-year terms for 190,072 cbm with two clients and a separate 43,000 cbm contract with another client. The company's CEO emphasized strong demand in Fujairah, highlighting the region's growing significance in crude oil production and refining capacity.
Brooge Energy Ltd. (NASDAQ: BROG) announced the appointment of Nariman Karbhari and Tony Boutros as independent board members effective May 16, 2021. Both will serve on the Audit Committee, with Boutros as Chairman. CEO Nicolaas L. Paardenkooper expressed enthusiasm for their expertise, which is expected to guide the company's growth and enhance corporate governance. The appointment follows the departure of Abu Bakar Chowdhury, who is pursuing other opportunities. Brooge Energy is positioned in a strategic location for midstream oil storage services near the Strait of Hormuz.
Brooge Energy Ltd. (NASDAQ: BROG) announced a shelf registration statement with the SEC on April 19, 2021, for a proposed public offering of ordinary shares. This offering aims to fund the construction of the Phase III project, potentially increasing storage capacity by up to 3.5 million m3. If effective, the registration statement could allow the sale of up to US$500 million in various securities. The final terms of the offering will be detailed in a subsequent prospectus supplement.
Brooge Energy Ltd. (BROG) reported a net income of $17.2 million for 2020, a significant recovery from a $75.3 million loss in 2019. Earnings per share improved to $0.19 from a loss of $0.94. The company completed a $200 million bond issuance to fund ongoing capital expenditures for its new Phase II oil storage facility, expected to expand capacity by 600,000 cbm. However, revenue declined to $41.8 million from $44.1 million, primarily due to reduced ancillary services. Cash and bank balances stood at $47.9 million as of year-end.
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