NEW YORK, Feb. 27, 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 had a prestigious signing ceremony in London during the International Petroleum week with Fujairah Oil Industrial Zone (“FOIZ”) to mark the signing of their previously announced land lease agreement.The new land is expected to take BPGIC’s expansions plans to the next level, to triple its existing storage capacity at the Port of Fujairah (the “Port”) and make BPGIC the largest oil storage provided at the Port.The prime plot of land is strategically located having a direct access to the sea and the Port’s main road, with a total area of approximately 450,000 m2 on which BPGIC plans to develop its Phase III facility.BPGIC intends to use the land to further increase its capacity for storage and refinery services by developing additional storage and refining capacity using the same award-winning technology, technical features and tank diversification as used in Phase I and Phase II. BPGIC’s initial studies indicate that the land could house up to approximately 3.5 million m3 of storage tanks and, potentially, a refinery with a capacity of up to 180,000 bbl per day. BPGIC is in discussions with potential collaborators for Phase III including several top global oil majors who have expressed interest in working with BPGIC on the Phase III facility.BPGIC believes that with the completion of the Phase III expansion as planned, it would become the largest oil storage and service provider in Fujairah.BPGIC will require additional financing to fund the development of the Phase III facilities and plans to commence discussions with regards to the finance structure with potential financiers based on the outcome of the final studies in the near future. There can be no assurances that BPGIC will be able to obtain such financing on commercially reasonable terms.About Brooge Holdings LimitedBrooge Holdings Limited is an exempted company incorporated under the laws of the Cayman Islands. Brooge Holdings conducts all of its business and operations through its wholly-owned subsidiary Brooge Petroleum and Gas Investment Company FZE, a Fujairah Free Zone Entity.About Brooge Petroleum and Gas Investment Company FZEBrooge Petroleum and Gas Investment Company FZE is an oil storage and service provider strategically located in FOIZ which is complemented by 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.Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties concerning BPGIC’s and Brooge Holdings’ expected financial performance, as well as their strategic and operational plans. The actual results may differ materially from expectations, estimates and projections due to a number of risks and uncertainties and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These risks and uncertainties include, but are not limited to: (1) BPGIC’s ability to obtain financing for Phase III on commercially reasonable terms; (2) BPGIC’s ability to negotiate and enter into development and offtake agreements on commercially reasonable terms; (3) the results of technical and design feasibility studies; (4) the loss of any end-users; (5) changes in customer demand with respect to ancillary services provided by BPGIC including throughput, blending, heating, and intertank transfers; (6) BPGIC’s ability to effectively manage the risks and expenses associated with the construction of Phase II, Phase III and other growth and expansion projects; and (7) other risks and uncertainties indicated from time to time in filings with or submissions to the SEC by Brooge Holdings. Readers are referred to the most recent reports filed with or furnished to the SEC by Brooge Holdings. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.Contact:Mr. Nicolaas Pardenkooper+971 2 6333 149nico.paardenkooper@bpgic.com
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