Brooge Energy Ltd Engages Ernst & Young to Undertake Market Research and Feasibility Study for its Planned Green Hydrogen and Ammonia Plant in the UAE
NEW YORK, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Brooge Energy Ltd, (“Brooge Energy” or the “Company”), a Cayman Islands-based energy infrastructure service provider, which is currently engaged in clean petroleum products, biofuels, crude oil storage and related services, announced today that it has engaged Ernst & Young (‘EY’), one of the largest professional services providers in the world, to provide consulting services with respect to its planned Green Hydrogen and Green Ammonia plant.
The study aims to provide market assessment of the green hydrogen and green ammonia business, which will include a market outlook with expected future prices and an overview of the competitive landscape expected. The study scope covers the green hydrogen and green ammonia projects technical and cost assessment in addition to a financial and feasibility report. The study will facilitate Brooge Energy’s transition journey by providing the outlook for market demand and economic profitability. The Company plans to commence the study in August 2022 with the final report expected to be delivered during the fourth quarter of 2022.
Mr. Nicolaas Paardenkooper, Chief Executive Officer of Brooge Energy, stated, “Engaging EY is another important step in our clean energy transition. Global demand for clean energy sources has been strong and is expected to accelerate in the coming years. We are excited to begin the process of bringing this highly anticipated project to reality through engaging with the appropriate partners to see the project to completion. We strive to be in the forefront of the clean energy movement and our goal is to be one of the first private sector companies to successfully implement a green hydrogen/ ammonia project in UAE and demonstrate its economic and environmental benefits on a local and global scale.”
As previously announced on June 28, 2022, the Company established Brooge Renewable Energy Ltd (“BRE”), a wholly owned subsidiary of Brooge Energy, to focus on green energy related infrastructure activities. At the same time the Company announced that BRE, as a first step, planned a Green Hydrogen and Green Ammonia plant in Abu Dhabi that is targeted to produce up to 300,000 MT green Ammonia per annum and has signed a preliminary land lease agreement for a 150,000 square meter plot that will accommodate the project.
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.
This press release contains statements that are not historical facts, including the Company’s anticipated expansion towards green hydrogen and green ammonia productions 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 a new green hydrogen and ammonia 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. Forward-looking and other statements in this press release regarding the Company’s environmental and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the U.S. Securities and Exchange Commission. In addition, historical, current, and forward-looking environmental and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. 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.
KCSA Strategic Communications
Valter Pinto, Managing Director