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 Ltd (BROG) provides essential oil storage and midstream services through its strategic operations near the Port of Fujairah. This news hub offers investors and industry professionals verified updates about the company’s activities in the UAE energy sector.
Access official press releases covering operational milestones, storage capacity expansions, and strategic partnerships. Our curated collection includes earnings reports, regulatory filings, and announcements about clean petroleum product initiatives – all critical for understanding the company’s market position.
Key updates feature developments from subsidiary BPGIC, operational efficiency metrics, and industry-specific advancements in oil blending accuracy. The resource serves as a reliable reference for tracking the company’s role in global energy logistics without speculative commentary.
Bookmark this page for streamlined access to Brooge Energy’s latest announcements. Check regularly for updates on storage infrastructure developments, biofuel integration progress, and other material events shaping the company’s trajectory in petroleum services.
Brooge Energy Ltd. (NASDAQ: BROG) announced a shelf registration statement with the SEC on April 19, 2021, for a proposed public offering of ordinary shares. This offering aims to fund the construction of the Phase III project, potentially increasing storage capacity by up to 3.5 million m3. If effective, the registration statement could allow the sale of up to US$500 million in various securities. The final terms of the offering will be detailed in a subsequent prospectus supplement.
Brooge Energy Ltd. (BROG) reported a net income of $17.2 million for 2020, a significant recovery from a $75.3 million loss in 2019. Earnings per share improved to $0.19 from a loss of $0.94. The company completed a $200 million bond issuance to fund ongoing capital expenditures for its new Phase II oil storage facility, expected to expand capacity by 600,000 cbm. However, revenue declined to $41.8 million from $44.1 million, primarily due to reduced ancillary services. Cash and bank balances stood at $47.9 million as of year-end.
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.
FAQ
What is the current stock price of Brooge Energy (BROG)?
What is the market cap of Brooge Energy (BROG)?
