NEW YORK, March 11, 2021 (GLOBE NEWSWIRE) — Brooge Energy Ltd. (“Brooge Energy” or the “Company”) (NASDAQ: BROG), a midstream oil storage and service provider strategically located outside the Strait of Hormuz, adjacent to the Port of Fujairah in the United Arab Emirates (“UAE”), today announced its wholly-owned subsidiary Brooge Petroleum and Gas Investment FZE (“BPGIC”) has won the Global Ports Forum Award (the “Forum”) for the best terminals of the year in the Middle East for the year 2021. BPGIC received this award – for the third time in a row – in recognition of its efforts and contribution to the field of oil and fuel storage in the port of Fujairah. The Global Ports Forum was launched in 2008 in Singapore, to foster cooperation between ports around the world. The forum is committed to improving global ports and promoting port interests, and provides an overview of emerging trends in the port industry at the global level.
The selection of BPGIC was based on the nominations that reached the Forum from international organizations, and the strong performance of the Company during the last year. BPGIC is proceeding with its Phase II project to expand its capacity in Fujairah, one of the largest oil storage locations in the world. Through its wholly-owned subsidiary Brooge Petroleum and Gas Investment Company Phase III FZE (“BPGIC III”), the Company is also planning construction for its Phase III facility which will include crude oil tanks, in addition to increasing capacity for fuel oil and clean products.
Nicolaas L. Paardenkooper, CEO of Brooge Energy and BPGIC, said, “If one thing has become clear over the past year, it is the strategic importance of the midstream sector in supporting the infrastructure and storage needs of the oil industry and enabling the market to work efficiently. We are proud to have won this award for the best terminals of the year in the Middle East for the third year running, which is a testament to our strong performance over the past year. Even throughout the volatility of 2020 – including lockdowns and other severe restrictions – our Phase I facility continued to operate seamlessly and provide a reliable and much-needed service to our customers at a time when oil storage was in extremely high demand. Buoyed by this success, we are looking forward to launching our Phase II storage facility in the near future, and are simultaneously making headway with our plans to build out a Phase III facility.”
BPGIC is a key independent storage provider in Fujairah, UAE, conveniently situated in the East-coast port of Fujairah on the Gulf of Oman, which owns capacity to store clean petroleum products and fuel oil using some of the latest technology to maximize company performance and efficiency, while reducing operating costs. Through the development of its Phase II and Phase III facilities, it is also building capacity to store crude oil using similar technology.
