Brooge Energy Ltd, through its wholly-owned subsidiaries Brooge Petroleum and Gas Investment Company FZE (BPGIC) and Brooge Petroleum and Gas Investment Company Phase III FZE (BPGIC III), has issued a letter to shareholders from its CEO, Nicolaas L. Paardenkooper.

In the letter, Paadenkooper said: “2020 has been the most significant year of our operating history, and a year of many ‘firsts’ for Brooge Energy as we continue to grow our position as a leading oil storage provider in the Port of Fujairah, UAE.”

He added: “It was also the year we achieved significant milestones with our Phase III development plans by finalising the Front End Engineering Designs and commencing pre-construction work, including the Soil Investigation and Environmental Impact Assessment (EIA) report.

“While we are pleased to hit these milestones and proud of our progress this year, we have also faced headwinds resulting from the COVID-19 pandemic. When the situation started to unfold earlier in the year, we demonstrated our operational resilience as Phase I continued to operate unimpeded by COVID-19 restrictions.

“This was largely achieved due to the advanced-technology and automated features that we invested in when building out the terminals, which allowed us to operate at full capacity despite the reduced workforce. We also continued with the build out of our Phase II storage facility, which is being built to the same award-winning specifications as our Phase I facility.”

In conclusion, Paardenkooper said: “To support our growth strategy, we are strengthening our board of directors and are pleased to announce the appointment of two new board members: Ms. Lina Saheb and Mr. Bryant Edwards. Ms. Saheb is the chief strategy officer at Brooge and has over 13 years’ experience in business development roles. As the chief strategy officer, she has been instrumental in spearheading the expansion and future growth of Brooge and plays a vital role in guiding our strategy, corporate development, alliances and partnerships. Bryant Edwards joins the board as an independent director. Mr. Edwards is an accomplished professional with a 35-year legal career, including leading the Latham & Watkins’ expansion in Europe from 2000 to 2008, in the Middle East from 2008 to 2012, and in East Asia from 2012 to 2017.

We are at an exciting stage of our evolution, and we value your confidence and support as we pursue our growth strategy. By following this course, we are confident that we will expand our revenues even further and generate improved margins as we continue to establish Brooge as one of the region’s most prominent oil storage providers.”

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22nd December 2020