Brooge Energy Limited (BROG): History, Ownership, Mission, How It Works & Makes Money

When you look at the midstream energy sector, does the strategic importance of a company like Brooge Energy Limited, with its 1 million cubic meters of oil storage capacity in Fujairah, truly register on your risk map? This Cayman Islands-based infrastructure provider, which reported an estimated 2024 revenue of $76.472 million, is defintely more than just a storage play; it's a critical logistics link for clean petroleum products, biofuels, and crude oil outside the Strait of Hormuz. But with the final implementation of its acquisition by Gulf Navigation Holding happening right now in November 2025, how will its core mission and revenue model-built on long-term, take-or-pay contracts-change as it pivots toward a massive 700,000 MT per annum Green Ammonia Project?

Brooge Energy Limited (BROG) History

You want to understand how Brooge Energy Limited (BROG) grew from a regional oil storage operator to a publicly traded entity facing major strategic shifts. The quick takeaway is this: the company's journey is a classic midstream energy story-starting with a strategic physical asset in a global hub, scaling rapidly through debt financing, and now navigating a complex financial restructuring and a massive asset sale to pivot its future.

Given Company's Founding Timeline

Year established

The core operating subsidiary, Brooge Petroleum and Gas Investment Company FZE (BPGIC), was established in 2013. The parent entity, Brooge Energy Limited, was incorporated later on April 12, 2019, as Brooge Holdings Limited, specifically to facilitate the transition to a public company.

Original location

The operational heart is the Port of Fujairah, United Arab Emirates (UAE). This location is defintely strategic, sitting just outside the Strait of Hormuz, making it a critical global energy trading and bunkering center.

Founding team members

The initial team was a blend of experts from the engineering, finance, and energy sectors, led by key figures like Nicolaas Lammert Paardenkooper, who continues to serve as CEO. Their vision focused on building a resilient organization that could bridge traditional energy investments with emerging technologies.

Initial capital/funding

Initial capital came primarily from private investment to secure the necessary land and permits for the Phase I storage facilities. While the exact initial seed funding is not public, the scale of the operation quickly required significant external financing; for instance, the Phase II expansion was partially funded by a secured Shari'a compliant financing arrangement of $95.3 million.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory has been defined by two major pivots: the shift to public markets and the recent strategic divestiture of core assets.

The 2019 merger with the special purpose acquisition company (SPAC), Twelve Seas Investment Corp., was the first major transformation. This move provided the capital and public market structure needed to finance the ambitious Phase II expansion, which added crude oil storage to their refined products business. This is how they scaled fast.

The second, and more recent, transformation is the proposed 2025 sale of its primary assets-BPGIC and the Phase III development land-to Gulf Navigation. This $884 million deal, announced in May 2025, is a massive shift, essentially selling the physical infrastructure that generates the bulk of their revenue. The company reported a significant revenue of approximately $76.47 million in its latest earnings report (May 2025), but the debt load is substantial, with total liabilities at $424.43 million against total assets of $485.64 million. The sale is a clear action to reduce leverage and restructure the business amidst financial scrutiny and a voluntary delisting from Nasdaq in June 2025.

• Phase II Financing: Secured $95.3 million in Shari'a compliant financing, enabling the addition of 601,600 cbm of crude oil storage.
• Post-Sale Strategy: The remaining entity is expected to focus on new ventures, particularly the development of a green hydrogen and ammonia production facility, a clear move toward energy transition.
• Financial Pressure: The appointment of a Judicial Guardian over the main operating subsidiary in late 2023 was a critical sign of financial distress, forcing the strategic sale.

To understand the implications of these changes on the shareholder base, you should read Exploring Brooge Energy Limited (BROG) Investor Profile: Who's Buying and Why?

Brooge Energy Limited (BROG) Ownership Structure

Brooge Energy Limited's ownership structure is defintely concentrated, dominated by a single private entity, which gives that shareholder significant control over the company's strategic direction, particularly following the major asset sale approved in 2025. This Cayman Islands-based company, which trades publicly on the OTC Markets (BROG.F) after announcing its voluntary delisting from the NASDAQ in May 2025, is currently undergoing a massive transformation.

Brooge Energy Limited's Current Status

Brooge Energy Limited is a public company, though its listing status changed in 2025. It is incorporated in the Cayman Islands and operates as an infrastructure provider, historically focused on oil and gas storage in the Port of Fujairah, UAE. The most critical event of the 2025 fiscal year was the shareholder approval on September 30, 2025, for the sale of its core operating assets, BPGIC FZE and BPGIC Phase III FZE, to Gulf Navigation Holding PJSC for approximately $884 million. This transaction fundamentally shifts the company's focus and its future financial profile. You can read more about the strategic pivot here: Mission Statement, Vision, & Core Values of Brooge Energy Limited (BROG).

Brooge Energy Limited's Ownership Breakdown

The ownership structure is highly skewed toward its largest private shareholder, Bpgic Holdings Limited, reflecting its origins and the initial business combination. Here's the quick math on the breakdown of the 109,587,853 ordinary shares outstanding as of the fiscal year ended December 31, 2024, which is the basis for the 2025 structure.

What this estimate hides is the power of the 85.6% stake: this level of concentration means the majority shareholder can unilaterally approve or block most corporate actions, including the September 2025 asset sale, which was approved by 99.99% of voting shares.

Brooge Energy Limited's Leadership

The leadership team, as of November 2025, is focused on managing the transition following the major asset divestiture and navigating the company's new strategic direction. The executive leadership has been in an interim state, signaling the ongoing corporate restructuring.

• Interim CEO & CFO: Ines Bezaznia assumed the dual role of Interim Chief Executive Officer and Chief Financial Officer in November 2024, steering the company through this period of significant change.
• Non-executive Chairman: Siavosh Hosseini, appointed in September 2024, leads the Board of Directors.
• Board of Directors: The board includes Siavosh Hosseini, Rasool Alameri, Tony Boutros, Kamal Pharran, and Saleh Mohamed Yammout, providing oversight and governance.

The key action for this team is the efficient distribution of the transaction proceeds to shareholders, which was approved by 99.97% of voting shares in October 2025, though the exact timing and amount are still pending.

Brooge Energy Limited (BROG) Mission and Values

Brooge Energy Limited's core purpose centers on being a best-in-class energy infrastructure provider, delivering reliable storage and handling services while actively transitioning its business model to pursue sustainable, high-growth energy transition projects for maximum stakeholder value.

Brooge Energy Limited's Core Purpose

You're looking beyond the stock ticker, and that's smart. A company's mission and values are the DNA of its long-term strategy, especially for an infrastructure player like Brooge Energy Limited, which has been in a period of significant transformation in 2025. The core purpose is built on operational excellence and a strategic pivot toward future energy needs.

Official mission statement

The company's mission is about providing superior service and financial results through a forward-thinking approach. It's not just about storing oil; it's about how they do it-using technology and lean operations to stay ahead. Brooge Energy Limited is committed to:

• Deliver sustainable services by forward-thinking approach to challenges.
• Find suitable solutions by adapting latest technologies and lean operations processes.
• Provide best-in-class service to oil majors and global oil & gas traders.
• Ensure continuous premium financial results to valued stakeholders.

This mission drives every decision, including the strategic sale of its storage subsidiaries in 2025, which was intended to unlock significant value for shareholders. That's a clear action tied to a mission statement.

Vision statement

The vision statement maps out where the company aims to be in the evolving energy landscape. It's a clear aspiration to move beyond its historical role as a regional oil storage provider and become a global leader in the broader energy sector. To be fair, this is a huge shift.

• Become a global leader in the energy storage sector.
• Expand their footprint beyond the UAE to key global markets.
• Drive innovation in storage solutions and related technologies.

The strategic focus has notably shifted toward energy transition projects, such as the development of a green hydrogen and ammonia production facility, which is a concrete step toward this vision as of late 2025.

Brooge Energy Limited's Core Values

While the company doesn't use a simple tagline, its core ethos-what they call their 'promise'-is centered on safety, security, and careful handling of products. This reflects the non-negotiable standards of the energy infrastructure sector. The core values that guide their operations and strategic decisions include:

• Safety: Prioritizing the health and safety of employees, customers, and the environment.
• Operational Excellence: Striving for continuous improvement and superior performance to deliver value.
• Integrity: Maintaining the highest ethical standards in all business dealings.
• Innovation: Embracing new ideas and technologies to enhance services, like their high-accuracy blending services.

The sale of the Brooge Petroleum and Gas Investment Company FZE and BPGIC Phase III FZE subsidiaries to Gulf Navigation Holding PJSC for approximately $884 million (AED 3,245,000,000) in 2025 is the most tangible example of their commitment to delivering value to stakeholders, as the proceeds are expected to be distributed to shareholders. This strategic move, approved in September 2025, defintely shows their willingness to make big moves to maximize returns. You can dive deeper into the market's reaction to this pivot by Exploring Brooge Energy Limited (BROG) Investor Profile: Who's Buying and Why?

Brooge Energy Limited (BROG) How It Works

Brooge Energy Limited operates as a key infrastructure provider in the global oil and gas supply chain, primarily offering storage and ancillary services for petroleum products in the strategic port of Fujairah, UAE. The company generates revenue by charging customers, typically major oil traders and producers, for the use of its storage capacity and for value-added services like blending and heating.

Brooge Energy Limited's Product/Service Portfolio

The company's value proposition centers on its modern, high-capacity storage facilities situated at the second-largest bunkering hub globally. This strategic location minimizes transit costs and provides a vital link between Middle Eastern oil production and international markets.

Brooge Energy Limited's Operational Framework

The operational success of Brooge Energy is rooted in its infrastructure and its location within the Port of Fujairah, a major global oil trading and bunkering hub. Honesty, the entire operation is a masterclass in logistics and precision engineering.

The company manages two primary phases of its terminal. Phase I, which is fully operational, offers storage for fuel oil and clean petroleum products. Phase II significantly expanded capacity and allows for the storage of crude oil, which is a major step up in market access. This expansion was a game-changer, increasing their total storage capacity substantially.

• Manage terminal operations: Ensure 99.5% uptime for all storage tanks and pipelines.
• Execute vessel movements: Coordinate berthing and loading/unloading at three jetties, including a deep-water jetty for Very Large Crude Carriers (VLCCs).
• Maintain compliance: Adhere to stringent international safety and environmental standards (e.g., ISO certifications).
• Optimize capacity utilization: Target a minimum of 85% average utilization rate across all leased tanks, a critical metric for profitability.

Here's the quick math: high utilization on a fixed-cost asset structure translates directly into strong operating margins. What this estimate hides, still, is the inherent volatility in global oil trading that can impact short-term leasing demand.

Brooge Energy Limited's Strategic Advantages

Brooge Energy's competitive edge isn't just about tank size; it's about location, modern infrastructure, and future-proofing. You can get a deeper dive into who is betting on these advantages by Exploring Brooge Energy Limited (BROG) Investor Profile: Who's Buying and Why?

• Prime Location: Situated outside the Strait of Hormuz, providing a crucial, low-risk alternative for oil storage and trading, which defintely commands a premium.
• Modern Infrastructure: Possesses state-of-the-art facilities with advanced blending and heating capabilities, allowing them to handle complex, higher-value product specifications better than older terminals.
• Crude Oil Capability: The addition of crude oil storage in Phase II opened up a much larger market segment, making the facility more attractive to NOCs and large-scale traders.
• Energy Transition Focus: Actively developing plans for green fuel storage, like green ammonia and hydrogen, positioning the company to capture future demand as global energy markets shift.

This forward-looking strategy helps mitigate the long-term risk associated with a pure fossil fuel storage business. Plus, their ability to handle both clean and dirty products simultaneously provides significant operational flexibility.

Brooge Energy Limited (BROG) How It Makes Money

Brooge Energy Limited generates its revenue by operating as a midstream infrastructure provider, primarily through the leasing of its substantial oil storage capacity and providing essential value-added services at the Port of Fujairah, United Arab Emirates. The company profits from fixed fees secured through long-term, take-or-pay contracts for storage, which are supplemented by variable fees for ancillary services like blending and heating.

Brooge Energy Limited's Revenue Breakdown

While Brooge Energy Limited reports a single operational segment-oil storage and related services-its revenue is functionally split between fixed storage fees and variable ancillary services. The business model is heavily weighted toward the predictable, high-margin fixed-fee component, a trend that accelerated with securing higher contract rates in 2023. Here's the quick math based on the current business mix, reflecting the dominance of fixed storage fees.

Business Economics

Brooge Energy Limited's economic engine is built on stability and location. Its facilities are strategically located outside the Strait of Hormuz in the Port of Fujairah, a major global bunkering hub, which commands premium pricing. The most critical economic factor is the use of take-or-pay contracts for its storage capacity, meaning customers pay a fixed monthly fee regardless of whether they utilize the full capacity, insulating the company from short-term commodity price volatility.

The gross profit margin for the business is exceptionally high, with the first half of 2023 reporting a margin of 82%, up significantly from 63% in the prior year period, driven by securing higher fixed storage rates. This margin performance is a key indicator of its pricing power and relatively low variable operating costs. What this estimate hides, still, is the significant capital expenditure required to build and maintain its approximately 1 million cubic meters of storage capacity across its Phase I and Phase II facilities.

The most important near-term economic event is the strategic divestiture of the core assets-BPGIC FZE and BPGIC Phase III FZE-to Gulf Navigation Holding PJSC (GulfNav). This transaction, valued at approximately $884 million, was overwhelmingly approved by shareholders in September 2025. This move fundamentally shifts the company's financial profile from an infrastructure operator to a holding company focused on distributing proceeds and potentially new ventures. If you want to dive deeper into the players involved in this shift, you should be Exploring Brooge Energy Limited (BROG) Investor Profile: Who's Buying and Why?

Brooge Energy Limited's Financial Performance

As of November 2025, the company's financial health is best assessed by looking at its recent performance alongside the context of the pending sale of its main operating assets. The figures below reflect the operational business before the full financial impact of the GulfNav transaction is realized.

• Trailing Twelve Months (TTM) Revenue: As of November 2025, TTM revenue stands at approximately $76.47 Million USD. This figure reflects a decrease from the 2023 full-year revenue of $105.7 million, indicating a volatile revenue trend leading up to the sale.
• TTM EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), a key measure of operational cash flow, was approximately $42.021 Million for the fiscal year 2024.
• TTM Net Income: The company reported a net income of about $4.439 Million for the fiscal year 2024.
• Balance Sheet Health: Total Assets were approximately $485.64 Million, against Total Liabilities of $424.43 Million. This asset-to-liability ratio shows substantial financial commitments.
• Leverage: The company's leverage ratio is high at 7.9, which signals a defintely risky financial strategy and a heavy reliance on debt financing relative to its equity base. This level of debt is a critical factor for investors to consider, especially in light of the asset sale.

Brooge Energy Limited (BROG) Market Position & Future Outlook

Brooge Energy Limited is undergoing a fundamental strategic pivot, shifting from a regional midstream oil storage provider to a developer of large-scale green energy infrastructure following the proposed $884 million sale of its core oil storage subsidiaries. This transition positions the company away from the competitive Fujairah oil terminal market toward the nascent, high-growth global green ammonia export sector.

Competitive Landscape

In its historical segment, Brooge Energy Limited competes with global oil storage giants and state-owned entities in the UAE. While precise, up-to-the-minute market share data in the Fujairah commercial storage market is proprietary, the company's Phase I and Phase II facilities represent a smaller portion of the total capacity compared to the dominant players.

Opportunities & Challenges

The company's future hinges on executing its strategic divestment and successfully transitioning to its new focus. The 2025 financial outlook projects a significant revenue increase to approximately $140 million, an 83.1% jump, but this is overshadowed by substantial operational and financial risks.

Industry Position

Brooge Energy Limited is transitioning from a mid-tier independent player in the mature oil storage market to a potential leader in the emerging green energy infrastructure space. You can review the company's historical financial performance and debt profile in Breaking Down Brooge Energy Limited (BROG) Financial Health: Key Insights for Investors.

• Oil Storage (Legacy Business): The company holds a strategic position in Fujairah, the world's second-largest bunkering hub, which is defintely a key logistical advantage.
• Green Energy (Future Focus): The pivot to a green ammonia project with a planned 1,950 tons-per-day capacity places it among the first privately owned green ammonia projects in the UAE.
• Financial Footing: As of the end of the 2024 fiscal year, the company reported total assets of $485.64 million against total debt of $244.02 million, showing a substantial debt load that the $884 million sale proceeds are expected to address.
• Market Shift: The move aligns with global energy transition trends, mitigating long-term risk from declining fossil fuel demand but introducing execution risk for a massive new project.

The core action for investors right now is tracking the Gulf Navigation Holding PJSC transaction closing and the subsequent capital allocation toward the green ammonia project.