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 near completing the constructing of an additional ~0.6 million cbm (the Phase 2 storage terminals). Phase 2is expected to be completed and operational during the current quarter, and operating at close to full capacity during Q4’21. 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.

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.