February 22, 2021 [Globe Newswire] – Brooge Energy Ltd. (“Brooge Energy” or the “Company”) (NASDAQ: BROG), a midstream oil storage and service provider strategically located outside the Strait of Hormuz, adjacent to the Port of Fujairah in the United Arab Emirates (“UAE”) through its wholly-owned subsidiaries Brooge Petroleum and Gas Investment Company FZE (“BPGIC”) and Brooge Petroleum and Gas Investment Company Phase III FZE (“BPGIC III”), today announced it has engaged Ernst & Young (“EY”) to perform a feasibility study for its Phase III oil storage facility.
Brooge Energy’s Phase III facility will be built to the same award-winning specifications that were used for its Phase I and II facilities, including advanced technology that utilizes automated processes. In 2020, Brooge Energy finalized the Front End Engineering Designs and commenced pre-construction work, including the Soil Investigation and Environmental Impact Assessment (“EIA”) report. This feasibility study will progress the Company’s plans as it prepares for the construction stage. The Phase III facility is expected to add up to 3,500,000 m3, or 22 million barrels of oil, of capacity and, when complete, would make Brooge Energy the largest oil storage provider in the Port of Fujairah, UAE.
Nicolaas L. Paardenkooper, CEO of Brooge Energy and BPGIC, said, “Given the shortage of oil storage globally, we are excited to make progress with our project to expand our capacity in Fujairah, which is one of the largest oil hubs in the world. The Phase III facility will include crude oil capabilities, as well as adding more capacity for fuel oil and clean products.”
BPGIC is a key independent storage provider in Fujairah, UAE, conveniently situated in the East-coast port of Fujairah on the Gulf of Oman, which owns capacity to store clean petroleum products and fuel oil using some of the latest technology to maximize company performance and efficiency, while reducing operating costs. Through the development of its Phase II and Phase III facilities, it is also building capacity to store crude oil using similar technology.
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