Welcome to our dedicated page for Brooge Energy Ordinary Shares news (Ticker: BROG), a resource for investors and traders seeking the latest updates and insights on Brooge Energy Ordinary Shares stock.
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. (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.
Brooge Energy Ltd., a midstream oil storage provider, has engaged Ernst & Young to conduct a feasibility study for its Phase III oil storage facility located in the UAE. This facility aims to increase oil storage capacity by 3.5 million m³ (22 million barrels), positioning Brooge Energy as the largest oil storage provider in the Port of Fujairah. Phase III will utilize advanced technology and build upon the specifications from its previous phases, addressing the global oil storage shortage.
Brooge Energy Ltd. (NASDAQ: BROG) announced delays in the launch of its Phase II facility due to COVID-19-related supply chain disruptions. The Phase II facility will expand storage capacity by approximately 600,000 cbm, aiming for full operational capacity by Q2 2021. In 2020, Brooge made significant strides, including raising $200 million in a bond issuance and securing higher-margin contracts. New board members Lina Saheb and Bryant Edwards have been appointed to enhance strategic growth. Despite challenges, the company is well-positioned as a key independent storage provider in Fujairah, UAE.
Brooge Energy Ltd. (NASDAQ: BROG) announced strong demand for its oil storage services through new offtake contracts with two regional trading companies. The agreements cover a total capacity of 104,074 cubic meters at a 60% premium compared to previous contracts. These one-year contracts, with renewals available, underline BPGIC's strategic positioning near the Strait of Hormuz and the Port of Fujairah. CEO Nicolaas L. Paardenkooper emphasized the need for reliable storage amid market scarcity, highlighting the company’s technological advantages and ability to secure improved contract terms.
Brooge Energy Limited (NASDAQ: BROG) has announced that its subsidiary, Brooge Petroleum and Gas Investment Company (BPGIC), has signed new oil storage offtake contracts with three regional trading companies. These contracts cover a total capacity of 129,000 cubic meters at a 50% premium compared to previous deals. The contracts will last for one year, commencing in November 2020, with options for renewal. CEO Nicolaas L. Paardenkooper noted increased demand for BPGIC's facilities due to technological advancements and a scarcity of available global storage capacity.
Brooge Energy Limited (NASDAQ: BROG) reported its financial results for the first half of 2020, highlighting a revenue increase to $23 million, up from $22 million in H1 2019. Gross profit declined to $16.7 million from $17.1 million, resulting in a gross margin of 73%. EBITDA also fell to $17 million from $18.8 million. Net profit rose to $16.2 million, compared to $12 million the previous year. The company issued a $200 million bond to repay debt and fund future expansions. Brooge's Phase I facility is fully operational, and plans for Phase II are underway.
Brooge Energy Limited (NASDAQ: BROG) has filed its financial results for the six months ending June 30, 2020, with the SEC on November 27, 2020. A conference call to discuss these results will be held on November 30, 2020, at 8 a.m. ET. Brooge Energy operates as a midstream oil storage provider in the UAE, focusing on efficient service and minimizing oil losses. The company’s growth plans hinge on successful financing and development agreements for its Phase III project. Investors are cautioned about uncertainties, including the impact of COVID-19 and operational risks.
Brooge Energy Ltd. (NASDAQ: BROG) has initiated preconstruction work for its Phase III oil storage terminals and refinery near the Port of Fujairah, UAE, focusing on soil investigation and an Environmental Impact Assessment (EIA). This marks a significant step towards Brooge Energy's goal of becoming the largest oil storage provider in Fujairah, with operations expected to start by late 2022. The company plans to leverage advanced technology to enhance efficiency and return on investment, continuing the success of its previous phases.
Brooge Energy Ltd. (NASDAQ: BROG) has announced a successful issuance of a USD$200 million 5-year senior secured bond in the Nordic bond market, with an option for an additional USD$50 million, totaling USD$250 million. The bonds, maturing in September 2025 with an 8.50% fixed coupon, will help consolidate existing debt and fund capital expenditures for the Company's Phase II oil storage facility. This facility is projected to increase capacity to approximately 1 million m3 and strengthen Brooge Energy's operational position.
FAQ
What is the current stock price of Brooge Energy Ordinary Shares (BROG)?
What is the market cap of Brooge Energy Ordinary Shares (BROG)?
What is Brooge Energy Limited?
Where is BPGIC located?
What services does BPGIC offer?
What is the Green Ammonia Project?
What recent achievement has Brooge Energy announced?
Who is the current interim CEO of Brooge Energy?
Has Brooge Energy received any acquisition proposals?
How does Brooge Energy generate revenue?
Where can I find Brooge Energy's financial statements?
Who can I contact for investor relations?
