Brooge Energy Limited (NASDAQ: BROG)

Introduction

Brooge Energy Limited is a Cayman Islands–incorporated infrastructure provider registered with the U.S. Securities and Exchange Commission and listed on the Nasdaq Capital Market under the ticker BROG. Its principal operating arm, Brooge Petroleum and Gas Investment Company FZE (BPGIC), owns and operates midstream oil storage and related services at the Port of Fujairah, United Arab Emirates. The company’s facilities support blending, heating, and additive injection for fuel oil, clean petroleum products, biofuels, and crude oil.

Corporate Structure and Workforce

• Parent Company: Brooge Energy Limited (Cayman Islands)
• Subsidiary: Brooge Petroleum and Gas Investment Company FZE (Fujairah Free Zone Entity)
• Employees: 51–200 (LinkedIn estimate)
• Main Facilities:
  • Phase I: 14 refined-product tanks (399,324 cbm)
  • Phase II: 8 crude-oil tanks (601,600 cbm)
  • Planned Phase III expansion and a 25,000 bpd refinery under design

Developments and News

• May 27, 2025: Entered into a conditional sale and purchase agreement to sell 100% of BPGIC FZE and BPGIC Phase III FZE to Gulf Navigation Holding PJSC for total consideration of approximately USD 884 million, which includes cash, shares, and mandatory convertible bonds.
• May 28, 2025: Filed Form 6-K announcing intent to voluntarily delist ordinary shares from Nasdaq, with the last day of quotation expected on or about June 19, 2025, and no plans to list on another exchange.
• June 05, 2024: Issued a press release outlining engagement in clean petroleum products, biofuels, and crude-oil storage through BPGIC.
• December 22, 2023: Settled SEC charges related to inaccurate revenue recognition from 2018 to 2021, agreeing to a penalty of USD 5 million and a restatement of financials.

Financial and Strategic Analysis

Stock Data (as of 2025-05-29)

Key Financial Ratios and Metrics

Income Statement (TTM)

Balance Sheet Highlights (mrq)

• Total Cash: USD 13.45 M
• Total Debt/Equity: 398.70 %

Strategic Assets and Plans

• Facilities located in Fujairah, recognized as a significant global bunkering hub
• Advanced stripping system designed to reduce product loss
• High-capacity pumping capability (up to 16,000 m³/hour)
• Ongoing design phase for a 25,000 bpd IMO 2020-compliant refinery
• Expansion of storage and refining capacity in progress

Market Position and Industry Context

Brooge Energy operates as an independent midstream provider in the oil and gas sector, offering storage, blending, heating, and additive injection services. Its location outside the Strait of Hormuz at the Port of Fujairah provides access to global shipping lanes. The company competes with storage providers by emphasizing order turnaround times, customer service, and efficiency in product handling. Midstream assets in Fujairah serve oil majors, traders, and bunker suppliers within the region’s marine bunkering market.

tl;dr

• On May 27, 2025, Brooge Energy entered into an agreement to sell its BPGIC FZE entities to Gulf Navigation Holding PJSC for USD 884 million in cash, shares, and convertible bonds.
• On May 28, 2025, the company announced a voluntary delisting from Nasdaq, with trading expected to end on or about June 19, 2025, and no intentions to list elsewhere.
• The transaction and delisting require customary approvals; upon completion, directors from GulfNav and Brooge will have shared representation on the board.