Welcome to our dedicated page for Brooge Energy news (Ticker: BROG), a resource for investors and traders seeking the latest updates and insights on Brooge Energy stock.
Brooge Energy Limited (BROG) is a Cayman Islands-based infrastructure provider that has been engaged in clean petroleum products, biofuels, and crude oil storage and related services through subsidiaries such as Brooge Petroleum and Gas Investment Company FZE (BPGIC FZE) and Brooge Petroleum and Gas Investment Company Phase III FZE. Its public announcements highlight storage operations located outside the Strait of Hormuz at the Port of Fujairah in the Emirate of Fujairah in the UAE, with an emphasis on fast order processing, customer service, and high-accuracy blending services with low product losses.
The news flow around BROG provides insight into several significant corporate developments. These include the company’s voluntary decision to delist its ordinary shares from the Nasdaq Capital Market, its subsequent Form 15 filing to terminate registration and suspend certain SEC reporting obligations, and the proposed and later completed sale of 100% of the share capital of BPGIC FZE and BPGIC Phase III FZE to Gulf Navigation Holding PJSC. Company announcements also describe an intention to focus on renewable energy infrastructures and biofuels alongside its storage activities.
Readers following BROG-related news can review updates on the extraordinary general meeting of shareholders, shareholder voting on the Transaction and related distribution, and detailed explanations of how the consideration from the sale to Gulf Navigation Holding PJSC is being distributed by way of dividend. The company has stated that it expects this distribution to represent the full and final allocation of proceeds from the Transaction and that no further distributions to shareholders generally are anticipated.
This news page allows investors and researchers to trace the sequence of events surrounding Brooge Energy’s delisting, deregistration, sale of its core operating subsidiaries, and the associated shareholder distributions, as well as the company’s stated focus areas in clean petroleum products, biofuels, crude oil storage, and renewable energy infrastructures.
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.
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.
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