Brooge Energy Ltd, a midstream oil storage and service provider strategically located outside the Strait of Hormuz, announced today the undertaking of a strategic revenue enhancing initiative at its Phase I storage facility location to capture the better pricing opportunity afforded by adding storage capability of gasoline and other clean products such as biodiesel and biofuel.

The company expects to upgrade four storage tanks in total, two of which are already undergoing retrofitting. Upon completion of the upgrade of the first two, which primarily consists of adding an internal floating roof, both will be re-opened to accept gasoline and clean products. The second two tanks will then undergo the same process for approximately 90 days.

The company has already received strong demand for storage of the higher priced gasoline and clean products. With letters of intent (LOIs) already in place, the company will be well positioned to meet storage demand for this more attractive product after the upgrades are complete.

Commenting on work underway, Nicolaas Paardenkooper, CEO of Brooge Energy and BPGIC, stated: “We are taking actions in the near-term that we expect will yield the company higher margin revenue. We are currently seeing strong demand for our storage facilities and the price of oil per barrel has reached levels not seen since 2014, making this an opportune time for us to undertake this project and capture the upside as we move through the year. Our strategic location coupled with the investments we are making to better serve our customers, have us well-positioned to leverage this opportunity to build value for shareholders.”

For more information visit broogeenergy.com

10th March 2022