Brooge Energy Ltd Stock Price, News & Analysis

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.

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.