NEW YORK, Feb. 18, 2020 (GLOBE NEWSWIRE) — Brooge Holdings Limited (“Brooge Holdings”) (NASDAQ: BROG) and its wholly-owned subsidiary Brooge Petroleum and Gas Investment Company FZE (“BPGIC”), a Fujairah Free Zone Entity in the oil storage and services business announced today that BPGIC received notification from its Phase I offtake customer, Al Brooge International Advisory LLC (“BIA”), that strong demand for oil storage and product handling in the port of Fujairah resulted in a number of attractive oil storage and product handling requests from new international end users that, after completing proper due diligence, BIA accepted. As a result, BIA began providing oil storage and handling services in prior periods to a broader base of end users and established a successful track record with the same. BIA informed BPGIC that it expects to continue adding additional end users in the future, and reconfirmed its commitment to maintain its performance under its current contract with BPGIC.
In addition, BIA stated that, in light of strong interest from its end users in the planned Phase III facilities, it is interested in entering an initial agreement with BPGIC to negotiate an offtake contract for the planned Phase III facilities similar to the parties existing offtake contracts for the Phase I and II facilities.
About Brooge Holdings Limited
Brooge Holdings Limited is an exempted company incorporated under the laws of the Cayman Islands. Brooge Holding’s subsidiary Brooge Petroleum and Gas Investment Company FZE (“BPGIC”) is an oil storage and service provider strategically located in the Port of Fujairah in the Emirate of Fujairah in the UAE. BPGIC’s vision is to develop an oil storage business that differentiates itself from competitors by providing its customers with fast order processing times, excellent customer service and high accuracy blending services with low oil losses.
