NEW YORK, Aug. 11, 2022 (GLOBE NEWSWIRE) — Brooge Energy Ltd, (“Brooge Energy” or the “Company”), a Cayman Islands-based energy infrastructure service provider, which is currently engaged in clean petroleum products, biofuels, crude oil storage and related services, announced today that it has engaged Ernst & Young (‘EY’), one of the largest professional services providers in the world, to provide consulting services with respect to its planned Green Hydrogen and Green Ammonia plant.
The study aims to provide market assessment of the green hydrogen and green ammonia business, which will include a market outlook with expected future prices and an overview of the competitive landscape expected. The study scope covers the green hydrogen and green ammonia projects technical and cost assessment in addition to a financial and feasibility report. The study will facilitate Brooge Energy’s transition journey by providing the outlook for market demand and economic profitability. The Company plans to commence the study in August 2022 with the final report expected to be delivered during the fourth quarter of 2022.
Mr. Nicolaas Paardenkooper, Chief Executive Officer of Brooge Energy, stated, “Engaging EY is another important step in our clean energy transition. Global demand for clean energy sources has been strong and is expected to accelerate in the coming years. We are excited to begin the process of bringing this highly anticipated project to reality through engaging with the appropriate partners to see the project to completion. We strive to be in the forefront of the clean energy movement and our goal is to be one of the first private sector companies to successfully implement a green hydrogen/ ammonia project in UAE and demonstrate its economic and environmental benefits on a local and global scale.”
As previously announced on June 28, 2022, the Company established Brooge Renewable Energy Ltd (“BRE”), a wholly owned subsidiary of Brooge Energy, to focus on green energy related infrastructure activities. At the same time the Company announced that BRE, as a first step, planned a Green Hydrogen and Green Ammonia plant in Abu Dhabi that is targeted to produce up to 300,000 MT green Ammonia per annum and has signed a preliminary land lease agreement for a 150,000 square meter plot that will accommodate the project.
