Brooge Energy Ltd forms wholly owned subsidiary, “Brooge Renewable Energy Ltd”, to expand its infrastructure and services into Green Energy
28 Juin 2022 - 10:15PM
Brooge Energy Ltd, (“Brooge Energy” or the “Company”), is a Cayman
Islands-based infrastructure provider which is currently engaged in
clean petroleum products and biofuels and crude oil storage and
related services. The Company is now intending to focus on
renewable energy infrastructure. The Company conducts its business
and operations through its subsidiary Brooge Petroleum and Gas
Investment Company FZE (“BPGIC”). BPGIC is strategically located
outside the Strait of Hormuz at the Port of Fujairah in the Emirate
of Fujairah in the UAE.
The Company announced today that it has
established Brooge Renewable Energy Ltd (“BRE”), a wholly owned
subsidiary of Brooge Energy to focus on green energy related
infrastructures activities that are intended to accommodate the
necessary energy transfer from fossil fuels into energy produced
from renewable resources as the private sector and regulators are
increasingly focusing on combatting the harmful effects of climate
change.
Commenting on this new business, Mr. Nicolaas
Paardenkooper, Chief Executive Officer of Brooge Energy, stated,
“Global demand for clean energy sources has been strong and is
expected to accelerate in the coming years. A decade ago, the
Company undertook the initiative to become more environmentally
friendly. As a result, Brooge Energy is at the forefront of the
clean energy movement having already built one of the most
environmentally friendly storage facility in the world, including
being among the lowest waste producers in its industry from its
terminal as well as being fully compliant with local and
international guidelines in respect to emissions. Its facilities
are also equipped with solar panels and are reliant on clean power
for its energy sources. This latest initiative has us
well-positioned to continue to build value for shareholders.”
As a first step in BRE’s planned Green Hydrogen
and Green Ammonia plant in Kizad, Abu Dhabi that is targeted to
produce up to 300,000 MT green Ammonia per annum once fully
completed, BRE has signed a preliminary land lease agreement for a
150,000 square meter plot with “KIZAD” that will host this plant on
a land plot with good access to the sea allowing for export of the
produced products to its offtakers.
Mr. Paardenkooper added, “This new facility is a
significant milestone for the Company’s clean energy strategy. We
are entering into this market segment that has excellent growth
potential. Shifting power generation to renewable sources is a key
pillar of global efforts to reach carbon neutrality and we believe
green hydrogen, which has significantly lower carbon emissions than
grey hydrogen, is a key part of this process. We are proud to be
one of the first companies in the UAE that has announced that it
will be constructing and operating this type of infrastructure that
will be solely powered by renewable resources. Our teams and their
advisors have worked diligently on this project, and we look
forward to its successful completion.”
About Brooge Energy Limited
Brooge Energy Ltd, is a Cayman Islands-based infrastructure
provider now intending to focus on renewable energy infrastructures
and biofuels, next to clean petroleum products, crude oil storage
and related services. The company conducts its business and
operations through its subsidiaries Brooge Renewable Energy, Brooge
Petroleum and Gas Investment Company FZE, and Brooge Petroleum and
Gas Investment Company Phase 3 FZE (BPGIC). BPGIC, the Company’s
primary operating subsidiary that focuses on midstream oil storage
and other services, is strategically located outside the Strait of
Hormuz at the Port of Fujairah in the Emirate of Fujairah in the
UAE. The Company differentiates itself from competitors by
providing customers with fast order processing times, excellent
customer service and high accuracy blending services with low
product losses. For more information, please visit
at www.broogeenergy.com.
Forward-Looking StatementsThis
press release contains statements that are not historical facts,
including the Company’s anticipated shift towards green energy and
targeted production at BRE’s planned Green Hydrogen and Green
Ammonia plant and constitute “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Such statements reflect
management’s current views based on certain assumptions, and they
involve risks and uncertainties. Actual results, events or
performance may differ materially from the forward-looking
statements due to a number of important factors, and will be
dependent upon a variety of factors, including availability of
labor and other resources needed to for completion of the new
plant, timing of obtaining regulatory approvals needed with respect
to the new facility, the Company’s ability to complete construction
and initiate operations of the new facility on the anticipated
timeline or at all, the Company’s ability to maintain the lease for
the new facility, and other risks described in public reports filed
by Brooge Energy with the U.S. Securities and Exchange Commission.
Readers are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Brooge Energy does not undertake any obligation to update or revise
the forward-looking statements, whether as a result of new
information, future events or otherwise.
Investor Contact KCSA Strategic Communications
Valter Pinto or Kathleen Heaney +1 212-896-1254
BROG@kcsa.com
Brooge Energy (NASDAQ:BROG)
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