|Over a week ago|
Brooge Energy completes basic design for Phase III facility » 09:1307/1507/15/20
Brooge Energy announced…
Brooge Energy announced MUC Oil & Gas Engineering Consultancy has issued the final basic design for the Company's planned Phase III oil storage terminals and refinery. In April 2020, the Company appointed MUC Oil & Gas Engineering Consultancy to complete the basic design and Front End Engineering Design study for its planned 180,000 bpd refinery and the Phase III oil storage facility in Fujairah, UAE. Completing the basic design progresses the Company's plan to develop up to 3.5 million m3 of storage capacity, the equivalent of 22 million barrels. The Company is targeting the Phase III facility to be operational in late 2022.
|Over a quarter ago|
Brooge Energy LTD signs offtake agreement with oil trading company » 09:1105/0405/04/20
Brooge Energy Limited…
Brooge Energy Limited announced it has signed an offtake contract with an oil trading company which is one of the "Super major" oil companies in the world, to provide oil storage in Phase I for an initial six month period commencing on 28th April 2020. The contract is renewable for another six months subject to agreement from both parties
Brooge Energy names Syed Masood Ali acting CFO » 16:2904/2704/27/20
Brooge Energy Limited…
Brooge Energy Limited announced the appointment of Syed Masood Ali as Chief Financial Officer. Saleh Yammout, former CFO, is to continue working with the Company as a board member. Nico Paardenkooper, CEO of Brooge Energy, commented, "Syed brings to our senior management team an impressive corporate finance and international reporting background. As a newly public company, we will continue to bolster Brooge's team with talented professionals that have complementary experience and will support us in building value for our shareholders. With deep expertise and knowledge in all aspects of corporate finance, financial planning and financial governance, we believe Syed has the required leadership capabilities to help strategically manage our growth as Brooge enters a new chapter in its growth, with the upcoming launch of Phase II operations and our planned expansion of Phase III for which the FEED process has started."
Brooge Energy to temporarily delay issuance of first dividend » 07:5904/1304/13/20
Brooge Energy issued a…
Brooge Energy issued a letter to its shareholders from its CEO Nicolaas Paardenkooper. The letter said, "2020 is set to be a significant year for Brooge Energy as we expect to increase our storage capacity, accelerate revenue growth and further entrench our position as a leading oil storage provider in the Port of Fujairah, UAE, one of the largest global oil export hubs. Since listing on NASDAQ in late December 2019, we have been working hard toward our goal of more than doubling our oil storage capacity to 1,000,585 m3, which is expected to drive significant revenue growth starting at the end of this year. While we are excited about what this means for the business, we recognize that we are living through historic and extremely volatile times, with the effects being felt across international trade, the oil sector and capital markets, requiring companies across the world to embrace more prudent and conservative approaches to near-term business planning. We are committed to adapting to the extraordinary events of recent weeks to ensure Brooge Energy is well positioned to continue its strategy to build shareholder value over the next several years. We are certainly aware that the terminal industry is seeing strong demand; and other industry leaders have recently made public comments about the renewed search for oil storage. However, due to value at risk shock, the credit market has deteriorated at a time when the Company is in expansion mode. Therefore, as a precautionary measure, and to prudently preserve cash, Brooge Energy has decided to temporarily delay the issuance of dividend. As mentioned in our earlier press release, our existing Phase I facility is currently operating 'business as usual'. Looking ahead, our near-term priority is to complete construction of our Phase II facility, and to conclude the Front End Engineering Design process of our phase 3 expansion with up to 3.5 Million M3 storage capacity in Fujairah. To ensure these plans stay on track, it is vital that we keep a strong financial foundation as we build our leadership position and navigate prudently through the current extremely volatile global economic environment resulting from the COVID-19 pandemic whereby countries around the world are locked down. This is an extremely uncommon situation that most of us have never experienced in our lifetimes. While our business model is extremely resilient and is expected to continue to remain so, we recognize the need for a prudent approach to cash expenditure given the uncertainty in the market. For this reason, the Board of Directors, as fiduciaries of Brooge Energy, has decided to temporarily delay the issuance of the dividend, which was initially planned for Q1 2020, in the best interest of the Company as a result of the global crises that all businesses currently face. We are monitoring the ongoing situation closely and it is the intention of the Board of Directors and management to reinstate our quarterly dividend when this short-term global crisis has subsided. While we are extremely disappointed to delay the issuance of our first dividend, our management team and Board of Directors believe this is the most financially prudent strategy at this time to reduce our exposure to the volatile capital markets and to proactively prepare our Company to remain robust in the long-term. We did not make this decision lightly, and have done so only in light of the significant and still evolving impacts of the global pandemic in order to maintain financial discipline and flexibility as we consider the capital requirements to advance our growth strategy."