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Global demand for oil storage drives higher fixed storage rates At June 30 , 2021 , the Company had $ 37.2 million in cash and bank balances NEW YORK , Sept. 13 , 2021 ( GLOBE NEWSWIRE ) - Brooge Energy Ltd. ( " Brooge Energy " or the " Company " ) ( NASDAQ : BROG ) , a midstream oil storage and service provider strategically located outside the Strait of Hormuz , in the Port of Fujairah in the United Arab Emirates , ( " UAE " ) 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 " ) , today announced its financial results for the six months ended June 30 , 2021. All figures are in U.S. dollars . Nicolaas L. Paardenkooper , CEO of Brooge Energy and BPGIC , commented , " We are pleased to have delivered year over year growth in revenue as our business benefitted from higher fixed storage rates . In addition , we were awarded five new contracts with more attractive terms . Demand for oil storage remains strong and we are benefitting from our strategic location in Fujairah with our storage units currently at full capacity . With additional capacity coming on line we are well positioned to meet the anticipated strong demand . ” Mr. Paardenkooper continued , " We continue to execute on our strategic priorities . During the first half of the year , we made significant progress with our Phase II project and subsequent to second quarter end construction was completed and we applied for the necessary regulatory permits to start testing and commissioning . With customers in place and operations now underway , we are now generating revenue from the Phase II facility which we expect to be reflected in our financial results for the second half of 2021. With respect to Phase III , the feasibility study has been completed by Ernst & Young and we can move ahead with this project . We also made the strategic decision to add a new platform for growth with the signing of a refinery agreement with a large oil trader . This is a low - risk project for us as the trading partner will assume the cost of construction as well as any oil price risk , while we will do what we do best which is operate the facility . When operational , the facility will drive additional revenue for us with attractive margins . We are very excited about these new initiatives and the opportunity ahead to grow our business . " Operational Highlights in 2021 to Date : Phase I : • Customers have renewed fixed lease contracts for 233,072 cubic meters ( cbm ) of Phase I storage capacity , at a premium that is up to 70 % higher than the starting fixed lease storage price of the earlier contracts . The contract renewals consist of a total of 190,072 cbm signed with two clients on three - year terms each consisting of one year plus a two - year mutual renewal clause . The remaining 43,000 cbm was renewed by a client for a three - year term consisting of six months plus six months , subject to mutual renewal for an additional two years .