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Stay informed with the latest news and developments from Brooge Energy Limited (NASDAQ: BROG), a Cayman Islands-incorporated midstream oil storage company operating through its subsidiary BPGIC at the Port of Fujairah in the United Arab Emirates. This news feed covers corporate announcements, operational updates, facility developments, and strategic initiatives from one of the Fujairah region's major independent oil storage providers.
Brooge Energy operates petroleum storage terminals strategically positioned outside the Strait of Hormuz in the world's second-largest bunkering hub. The company's facilities provide storage, blending, heating, and throughput services for crude oil, fuel oil, and clean petroleum products serving oil majors, trading companies, and regional energy businesses.
News coverage includes updates on storage operations, terminal capacity developments, expansion projects, customer contract announcements, and corporate governance matters. As a foreign private issuer incorporated in the Cayman Islands, Brooge Energy files Form 6-K reports with the SEC for current events and material developments, in addition to annual reports on Form 20-F. These filings provide insight into the company's strategic direction within the competitive Fujairah oil storage market.
Follow Brooge Energy news to track developments in the company's storage infrastructure, operational performance, and positioning within the global petroleum logistics sector. Updates reflect the company's role in facilitating oil trading and bunkering activities at one of the Middle East's premier petroleum handling locations.
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.
Brooge Energy Ltd. (NASDAQ: BROG) has initiated preconstruction work for its Phase III oil storage terminals and refinery near the Port of Fujairah, UAE, focusing on soil investigation and an Environmental Impact Assessment (EIA). This marks a significant step towards Brooge Energy's goal of becoming the largest oil storage provider in Fujairah, with operations expected to start by late 2022. The company plans to leverage advanced technology to enhance efficiency and return on investment, continuing the success of its previous phases.
Brooge Energy Ltd. (NASDAQ: BROG) has announced a successful issuance of a USD$200 million 5-year senior secured bond in the Nordic bond market, with an option for an additional USD$50 million, totaling USD$250 million. The bonds, maturing in September 2025 with an 8.50% fixed coupon, will help consolidate existing debt and fund capital expenditures for the Company's Phase II oil storage facility. This facility is projected to increase capacity to approximately 1 million m3 and strengthen Brooge Energy's operational position.
Brooge Energy Limited (NASDAQ: BROG) announced plans to issue a new 5-year senior secured bond of up to $200 million, potentially increasing to $325 million, through its subsidiary Brooge Petroleum and Gas Investment Company FZE. The funds will be utilized to repay existing debt and support ongoing capital expenditures for Phase II of its operations, aiming for a consolidated debt facility that reflects the company's asset valuation and growth. The bond offering is targeted at qualified institutional buyers, with no assurances on its completion.
Brooge Energy (NASDAQ: BROG) announced the appointment of Abu Bakar Chowdhury as Chairman of the Audit Committee, replacing Saeb El-Zein who resigned due to personal reasons. The Committee now includes independent directors Chowdhury, Yousef Al Assaf, and Simon Madgwick, all of whom meet NASDAQ’s independence and financial literacy standards. Chowdhury is recognized as an audit committee financial expert. CEO Nicolaas L. Paardenkooper thanked El-Zein for his contributions to the company.
Brooge Energy (NASDAQ: BROG) announced the completion of the final basic design for its Phase III oil storage terminals and refinery by MUC Oil & Gas Engineering Consultancy. This phase aims to boost storage capacity to 3.5 million m³ (22 million barrels), with plans for operational readiness by late 2022. Brooge seeks to contract the facility before construction to ensure revenue stability. Located near the strategically vital Strait of Hormuz, Brooge aims to lead the oil storage sector in Fujairah, UAE, enhancing its service capabilities.
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