Presentation

Brooge Petroleum and Gas Investment Company FZE (BPGIC) is a United Arab Emirates (UAE) incorporated company that owns and operates oil storage terminals in Fujairah, UAE. The company is currently operating ~0.4 million cubic meters (cbm) of storage capacity (the Phase 1 storage terminals) and is in the process of completing constructing of an additional ~0.6 million cbm (the Phase 2 storage terminals). Phase 2 is expected completed and operational by end of Q1’21 and operating at close to full capacity by end of Q2’21. This will bring the total storage capacity to ~1.0m cbm, making the company the second largest independent storage player in Fujairah, the second largest trading hub.

The company is a wholly owned subsidiary of Brooge Energy Limited, which was established in 2013 as a midstream oil storage and service provider in the UAE. Brooge Energy became listed on the Nasdaq Stock Market in late 2019 through a reverse listing process with the listed special purpose acquisition company Twelve Seas Investment Company. Brooge Energy has a current market capitalization of USD 1.1bn.

The company issued a USD 200m Nordic bond in September 2020 to replace existing debt and fund the remaining capex for the Phase 2 facility. As of end 2020, the company has settled the term loans and is fully funded to perform all requirements for completion of Phase 2 without external support.

The credit profile benefits from a growing demand for oil storage space in the Middle East, without having to pass to through the Strait of Hormuz. The oil storage business has also shown resilience to a volatile oil price, generating stable revenues despite high fluctuations in the oil price.