Exhibit 4.121





Dated
22nd APRIL 2020








Brooge
Petroleum and Gas Investment Company

as Operator







-and -







TOTSA TOTAL OIL TRADING SA

as Customer









Commercial
Storage Agreement















The parties listed below agree, in this Commercial
Storage Agreement (the “Agreement”) dated as of 22nd April 2020and executed in Abu Dhabi, UAE,the following:







KEY COMMERCIAL TERMS



|1. | Operator                      | Brooge Petroleum and Gas Investment Company,a company incorporated in Fujairah Free Zone,having registration number 13-FZC-1117and registered PO Box 50170 Fujairah United Arab Emirates(the “Operator” or “BPGIC”).                                                                                                      
|-- | ----------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                               |                                                                                                                                                                                                                                                                                                                           
|2. | Customer                      | Totsa Total Oil Trading SA, a                                                                                                                                                                                                                                                                                             
|   |                               |                                                                                                                                                                                                                                                                                                                           
|3. | Agreement to provide Services | The Operator agrees to provide the Services in relation to the Product at the Terminal, and the Customer wishes to store the Product at the Terminal and desires to purchase storage related handling services from the Operator on the terms and conditions set out in this Agreement.                                   
|   |                               |                                                                                                                                                                                                                                                                                                                           
|4. | Agreement                     | This Agreement comprises these Key Commercial Terms and the General Terms and Conditions (“GTCs”) which are attached to this Agreement and are hereby incorporated by reference in this Agreement as if they were set out in full and shall apply to the provisions of this Agreement, subject to Clause 1 .4 of the GTCs.
|   |                               |                                                                                                                                                                                                                                                                                                                           
|5. | Definitions                   | In this Agreement, capitalised words and expressions have the meanings setout for them (whether by incorporation, cross-reference or otherwise) in the GTCs, unless otherwise defined in this Agreement or the context otherwise requires. In addition,                                                                   
|   |                               |                                                                                                                                                                                                                                                                                                                           
|   |                               | 1.                                                                                                                                                                                                                                                                                                                        
|   |                               |                                                                                                                                                                                                                                                                                                                           
|   |                               | 2.                                                                                                                                                                                                                                                                                                                        
|   |                               |                                                                                                                                                                                                                                                                                                                           
|   |                               | 3.                                                                                                                                                                                                                                                                                                                        







Hogan Lovells (Middle East) LLP

19th Floor. Al Fattan Currency Tower, Dubai
International Financial Centre, PO Box 506602,Dubai, UAE

















| |  | 4.  | “Excess Throughput
    Charges” means the charges described in Box 14 of these Key Commercial Terms;                                                                                                                                                                                                                
| |  | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |     |                                                                                                                                                                                                                                                                                                                     
| |  | 5.  | “Fee”
    means, in respect of each month an amount equal to the aggregate of the Rental and Handling Charge, the Excess Throughput Charges,
    the Tank Cleaning Charges, the Circulation Charges, the Tank Heating Charges, the Inter Tank Transfer Charges, and the TopSide Facility
    Charges for such month;
| |  |     |                                                                                                                                                                                                                                                                                                                     
| |  | 6.  | “Finance Party”means any person providing debt financing to the Operator in connection with the Terminal (excluding any shareholder of the Operator
    or any Affiliate of any shareholder);                                                                                                                       
| |  |    
| |  | 7.  | “Floor Price”has the meaning given to it in Box 13 of these Key Commercial Terms;                                                                                                                                                                                                                                   
| |  |    
| |  | 8.  | “Guarantee”means the guarantee to be provided pursuant to Box 6 of these Key Commercial Terms;                                                                                                                                                                                                                      
| |  |    
| |  | 9.  | “Guarantor’’has the meaning
given to it in Box 6 of these Key Commercial Terms;                                                                                                                                                                                                                                     
| |  |    
| |  | 10. | “GTCs” has the
meaning given to it in Box 4 of these Key Commercial Terms:                                                                                                                                                                                                                                          
| |  |    
| |  | 11. | “Inter-Tank Transfer
Charges”means the charges described in Box 18 of these Key Commercial Terms;                                                                                                                                                                                                                   
| |  |     |                                                                                                                                                                                                                                                                                                                     
| |  | 12. | “Key Commercial Terms” means the provisions of Box 1to 22;                                                                                                                                                                                                                                                          
| |  |     |                                                                                                                                                                                                                                                                                                                     
| |  | 13. | “Market Price” has the meaning given to it in Box 13 of these Key Commercial Terms;                                                                                                                                                                                                                                 
| |  |     |                                                                                                                                                                                                                                                                                                                     
| |  | 14. | “POF”has the meaning given to it in Box 9 of these Key Commercial Terms;                                                                                                                                                                                                                                            
| |  |     |                                                                                                                                                                                                                                                                                                                     
| |  | 15. | “Product”has the meaning given to it in Box 8 of these Key Commercial Terms;                                                                                                                                                                                                                                        
| |  |     |                                                                                                                                                                                                                                                                                                                     
| |  | 16. | “Rental
                                            and Handling Charges” means the charges described in Box 13 of these Key Commercial
                                            Terms;                                                                                                                          
| |  |     |                                                                                                                                                                                                                                                                                                                     
| |  | 17. | “Services”has the meaning given to it in Box 10 of these Key Commercial Terms;                                                                                                                                                                                                                                      
| |  |     |                                                                                                                                                                                                                                                                                                                     
| |  | 18. | “Storage
Facilities”means any storage space with pipelines. pumps, component parts and equipment and appliances belonging thereto, which
are within the Terminal, to be made available to or to be used by the Operator for the purpose of carrying out the Services pursuant to
the Agreement;                     
| |  |     |                                                                                                                                                                                                                                                                                                                     
| |  | 19. | “Tank
                                            Cleaning Charges” means the charges described in Box 15 of these Key Commercial
                                            Terms;                                                                                                                                
| |  |     |                                                                                                                                                                                                                                                                                                                     
| |  | 20. | “Tank
Heating Charges”means the charges described in Box 17 of these Key Commercial Terms;                                                                                                                                                                                                                          
| |  |     |                                                                                                                                                                                                                                                                                                                     
| |  | 21  | “Tank
                                            Tum” means a volume of Product equal to the Volume Commitment;                                                                                                                                                                                                    
| |  |     |                                                                                                                                                                                                                                                                                                                     
| |  | 22. | “Term”has the meaning given to it in Box 7 of these Key Commercial Terms;                                                                                                                                                                                                                                           
| |  |     |                                                                                                                                                                                                                                                                                                                     
| |  | 23. | “Terminal” means the petroleum crude and product
    storage terminal described in Box 9 of these Key Commercial Terms;                                                                                                                                                                                             



















|   |                     | 24.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | “Topside Facility Charges” means the charges described
    in Box 19 of these Key Commercial Terms; and
|-- | ------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------
|   |                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                        
|   |                     | 25.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | “Volume Commitment” has the meaning given to it
    in Box 11 of these Key Commercial Terms.; and      
|   |                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                        
|   |                     | 26.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | “Port Dues” has the meaning given to it in Box
    20 of these Key Commercial Terms.                   
|   |                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                        
|   |                     | 27.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | “Wharfage Facility Charges” has the meaning given
    to it in Box 20 of these Key Commercial Terms.   
|   |                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                        
|6. | Guarantee           | Not
used.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|7. | Period of Agreement | The obligations under this Agreement (including the
    obligation of the Operator to provide the Services and of the Customer to pay the Fee) shall begin on the Commencement Date, and
    shall, subject to the terms of this Agreement, continue for a period of 6 months, i.e.28thApril 2020to
    8th November 2020 (the “Term”). The Agreement can be renewed based on mutual agreement one month prior to the
    expiry of the Term, for a further 6 months.                                                                                                                                                                                                                                                                                                                                                           
|   |                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|8. | Product             | The Product shall comprise
    petroleum products (Gasoline and Components) delivered by the Customer to the Operator for the purposes of carrying out the
    Services, as described in the Port Rules for Topside Facility Operations (the “Top Side Rules”) and the
    type and specifications of which shall be pre-agreed by the parties prior to delivery.                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|9. | Terminal            | Terminal means the 399,324 cubic metre capacity fuel oil and
                                                                                product storage terminal developed by BPGIC in the Emirate of Fujairah, and more specifically, located near the Port of Fujairah
                                                                                (“POF”), United Arab Emirates and any other premises, office, building, Storage Facilities (as defined in the GTCs),
                                                                                tank, and pipeline at which or in which Services are provided to the Customer in accordance with this Agreement by the Operator or
                                                                                any third party appointed by the Operator.



















|10. | Services | The Services shall comprise any or all operations carried out or to
be carried out by the Operator in respect of the Product at, outside or through the Terminal, inclusive of but not restricted to:                                                                      
|--- | -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |          |                                                                                                                                                                                                                                                                            
|    |          | 1.                                                                                                                                                                                                                                                                         
|    |          |                                                                                                                                                                                                                                                                            
|    |          | 2.                                                                                                                                                                                                                                                                         
|    |          |                                                                                                                                                                                                                                                                            
|    |          |                                                                                                                                                                                                                                                                            
|    |          |                                                                                                                                                                                                                                                                            
|    |          | The Operator shall prepare the bills of lading in the BIMCO CONGENBILL
94 format as per Annex (CONGENBILL Edition 1994 adopted by the Baltic and International Maritime Council) for the Master or agent(s) to
sign; and                                                   
|    |          |                                                                                                                                                                                                                                                                            
|    |          | 4.                                                                                                                                                                                                                                                                         
|    |          |                                                                                                                                                                                                                                                                            
|    |          | 5.                                                                                                                                                                                                                                                                         
|    |          |                                                                                                                                                                                                                                                                            
|    |          | 6.                                                                                                                                                                                                                                                                         
|    |          |                                                                                                                                                                                                                                                                            
|    |          | For the avoidance of doubt, the Operator is entitled to sub-contract
all or part of the Services to a sub-contractor or third-party operator at its sole discretion.                                                                                                       
|    |          |                                                                                                                                                                                                                                                                            
|    |          | The Operator shall not under any circumstances dispose of or otherwise
part with possession of the Customer’s Products except in accordance with the written instructions of the Customer or any person authorized
in writing by the Customer to provide such instructions.

















|11. | Volume Commitment for Storage | The
                                            Customer commits to renting a storage capacity of  cbm at the Terminal (the “Volume Commitment”)commenced on staggered
                                            bases, being   cbm as on 28th April 2020, and the remaining   8th May 2020, subject to the terms of this Agreement.
|--- | ----------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                               |                                                                                                                                                                                                                                                                                                                                       
|12. | Payment                       | The Operator shall invoice, and the Customer shall pay in accordance
with this Agreement the aggregate for each month during the Term an amount equal to the aggregate of:                                                                                                                                                            
|    |                               |                                                                                                                                                                                                                                                                                                                                       
|    |                               | 1.                                                                                                                                                                                                                                                                                                                                    
|    |                               |                                                                                                                                                                                                                                                                                                                                       
|    |                               | 2.                                                                                                                                                                                                                                                                                                                                    
|    |                               |                                                                                                                                                                                                                                                                                                                                       
|    |                               | 3.                                                                                                                                                                                                                                                                                                                                    
|    |                               |                                                                                                                                                                                                                                                                                                                                       
|    |                               | 4.                                                                                                                                                                                                                                                                                                                                    
|    |                               |                                                                                                                                                                                                                                                                                                                                       
|    |                               | 5.                                                                                                                                                                                                                                                                                                                                    
|    |                               |                                                                                                                                                                                                                                                                                                                                       
|    |                               | 6.                                                                                                                                                                                                                                                                                                                                    
|    |                               |                                                                                                                                                                                                                                                                                                                                       
|    |                               | for such month.                                                                                                                                                                                                                                                                                                                       
|    |                               |                                                                                                                                                                                                                                                                                                                                       
|13. | Rental and Handling Charges   | For each month, during the Term, the Rental and
    Handling Charges shall be determined as the Volume Commitment multiplied by the higher of:                                                                                                                                                                                        
|    |                               |                                                                                                                                                                                                                                                                                                                                       
|    |                               | 1.                                                                                                                                                                                                                                                                                                                                    
|    |                               |                                                                                                                                                                                                                                                                                                                                       
|    |                               |                                                                                                                                                                                                                                                                                                                                       

























|14. | Excess Throughput Charges | The
                                            Customer shall have at no extra,, tallowance egual to   of  M3
                                            per month. Tank turn means a volume of product equal to the Volume Commitment. If
                                            the Customer exceeds this allowance, the Customer shall pay to the Operator, Excess Throughput
                                            Charges in respect of the excess above the Volume Commitment del or redelivered at a rate
                                            in US$    per
                                            cbm of the volume of the product handled per each import/export. Excess Throughput Charges
                                            will be reviewed and may be adjusted annually by the Operator.
                                                                                          
    Unused
    free throughput cannot be carried forward to subsequent months.
|--- | ------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|15. | Tank Cleaning Charges     | If the Customer requires a tank allocated to it to be cleaned as a result of the Customer requesting a change in the Product stored in that tank, or in the event of the expiration/termination of the Agreement; the Customer shall pay an amount equal to the costs incurred by the Operator in managing and procuring the cleaning of the tank or tanks. A third-party surveyor engaged by the Customer shall inspect and test the tank for cleanliness.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|16. | Circulation Charges       | The
                                            Customer shall pay to the Operator circulation charge (“Circulation Charges”)at a USS    per
                                            hour in case such a service 1s requested by the Customer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|17. | Tank Heating              | Not
    applicable for the required products                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       











|18. | Inter-Tank Transfers                    | If the Customer requests, and the Operator consents
    to, the transfer of the Customer’s Product from one tank to another, the Customer shall pay Inter Tank Transfer Charges to the Operator
    at the amount of USS    per cbm of Product transferred
    between any tanks at the same Terminal and measured at ambient temperature during the transfer per month. The custody transfer volume
    will be based on the issuing tank level gauge computation.                                                                                                                                                                                                                                                                                                                    
|--- | --------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|19. | TopSlde Facility Charges                | The Customer will pay the Operator on a pass-through basis the TopSide Facility charges as charged by the POF as further set out in Clause 11of the GTCs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|20. | Port Dues and Wharfage Facility Charges | Port dues and any other charges (including
    Whariage Facility Charges) imposed by the POF on the Customer’s vessels
    as defined in the port of Fujairah Port Tariff (effective from 1May 2008)
    as amended from time to time or any other applicable charges shall be borne directly by the Customer and are not applicable to this Agreement.
    To the extent these amounts are invoiced directly to the Operator rather than the Customer, the Customer shall repay the Operator all
    such amounts upon receipt of an invoice in respect of such charges from the Operator in accordance with the provisions of Clause 11 .
    
    Anyduties or taxes levied by any competent authority will be payable by the Customer as further set out in Clause 3.10of the GTCs.
|21. | Change in law                           | Any material increase in costs reasonably incurred or to be incurred and properly evidenced and satisfactorily documented by BPGIC in performing its obligations under this Agreement. including any material increase that arises as a direct result oi a change in law (including a change in interpretation of an existing law), regulation (including a change in interpretation of an existing regulation) or tax, will be borne by the Customer on a pro rata basis, that is pro rata to the proportion which its Volume Commitment bears to the total storage capacity of the Terminal, by means of an adjustment to the appropriate element(s) of the Fee.                                                                                                                     











INWITNESS WHEREOF the Parties hereto have entered into this Agreement on the day and year first
above writte





|                                                        | 
|------------------------------------------------------- | 
|                                                        | 
|                                                        | 
|Signed by:                                              | 
|Nicolaas L. Paardenkooper                               | 
|Chief Executive Officer                                 | 
|for and on behalf of                                    | 
|Brooge Petroleum andGas                                 | 
|Investment Company                                      | 
|                                                        | 
|In the presence of :                                    | 
|                                                        | 
|Name:                                                   | 
|                                                        | 
|                                                        | 
|                                                        | 
|                                                        | 
|Signed by:                                              | 
|                                                        | 
|                                                        | 
|for and on behalf of                                    | 
|Totsa Total Oil Trading SA                              | 
|                                                        | 
|In the presence of :                                    | 
|Name:  ................................................ | 











|DATED | 2020
|----- | ----



GENERAL TERMS AND CONDITIONS



FOR



TANK STORAGE AND HANDLING OF PRODUCTS







Hogan Loveffs (Middle East) LLP

19th Floor. Al Fattan Currency Tower.
Dubai International Financial Centre. PO Box 506602. Dubai.

UAE













CONTENTS



|CLAUSE |                                                 | PAGE
|------ | ----------------------------------------------- | ----
|       |                                                 |     
|2.     | APPLICABILITY OF GTCS                           | 2   
|       |                                                 |     
|3.     | PRODUCTS                                        | 3   
|       |                                                 |     
|4.     | STORAGE FACILITIES                              | 6   
|       |                                                 |     
|5.     | OPERATION AND MAINTENANCE OF STORAGE FACILITIES | 7   
|       |                                                 |     
|6.     | DELIVERY AND REDELIVERY                         | 8   
|       |                                                 |     
|7.     | DELIVERY AND REDELIVERY REQUIREMENTS            | 8   
|       |                                                 |     
|8.     | HANDLING OF VESSELS                             | 9   
|       |                                                 |     
|9.     | DETERMINATION OF QUANTITIES                     | 11  
|       |                                                 |     
|10.    | ACCESS TO TERMINAL                              | 11  
|       |                                                 |     
|11.    | CONDITIONS OF PAYMENT                           | 12  
|       |                                                 |     
|12.    | THIRD PARTY CHARGES AND SUMS ON PRODUCTS        | 14  
|       |                                                 |     
|13.    | RIGHTS OF LIEN AND RETENTION                    | 14  
|       |                                                 |     
|14.    | TRANSFER OF OWNERSHIP                           | 14  
|       |                                                 |     
|15.    | REPRESENTATIONS AND WARRANTIES                  | 14  
|       |                                                 |     
|16.    | TERMINATION                                     | 15  
|       |                                                 |     
|17.    | AFTER T RMINATION                               | 17  
|       |                                                 |     
|18.    | FORCE MAJEURE                                   | 18  
|       |                                                 |     
|19.    | LIABILITY                                       | 20  
|       |                                                 |     
|20.    | INSURANCE                                       | 22  
|       |                                                 |     
|21.    | CONFIDENTIALITY                                 | 23  
|       |                                                 |     
|22.    | CUMULATIVE RIGHTS AND REMEDIES                  | 24  
|       |                                                 |     
|23.    | COMPLIANCE WITH STATUTES                        | 24  
|       |                                                 |     
|24.    | NOTICES                                         | 24  
|       |                                                 |     
|25.    | ASSIGNMENT                                      | 25  
|       |                                                 |     
|26.    | CONSENT OR WAIVER                               | 25  
|       |                                                 |     
|27.    | SEVERABILITY                                    | 25  
|       |                                                 |     
|28.    | APPLICABLE LAW                                  | 25  
|       |                                                 |     
|29.    | NOTICE OF DISPUTE                               | 26  
|       |                                                 |     
|30.    | ARBITRATION                                     | 26  
|       |                                                 |     
|31.    | THIRD PARTY RIGHTS                              | 26  
|       |                                                 |     
|32.    | ACCIDENTAL REPORTING                            | 38  
|       |                                                 |     
|33.    | ANTI-CORRUPTION                                 | 39  













| | 1. | DEFINITIONS
                                            ANDINTERPRETATION
| | -- | -------------------------------------------------------------------------



| | 1.1 | Definitions
| | --- | -----------



In this Agreement:



“Additional Documents·· has the
meaning as ascribed to it in Clause 3.2.



’‘Afflllate·
means a Party or person Controlling, Controlled by or under common Control with another Party.



“Agreement”means this Agreement comprised of the Key Commercial Terms and the GTCs or any agreement made in writing between the Customer
and the Operator for the carrying out the Services.



“Applicable
Laws”means any federal, emirate, municipal or authority statute, ordinance, regulation, guideline, rule, code, direction
or any licence, consent permit, authorisation or other approval, including any conditions attached thereto, of the United Arab Emirates,
the Emirate of Fujalrah or any public body or authority, local or federal agency, department, inspector, ministry, official or public
or statutory person which has appropriate jurisdiction.



“Business
Day”means any day excluding Friday and Saturday and any day which shall be a legal holiday or a day on which banking institutions
are authorised or required by law or other governmental action to be closed in the United Arab Emirates;



“Control”
in relation to a body corporate means the ability of a person to ensure that the activities and business of that body corporate are conducted
In accordance with the wishes of that person and a person shall be deemed to have Control of a body corporate if that person possesses
the majority of the issued share capital or the voting rights in that bOdy corporate or the right to appoint or remove directors of that
body corporate holding a majority of the voting rights at meetings of the board of directors (or equivalent management organ) on all,
or substantially all, matters, and except as expressly provided in this Agreement cognates of the term Control shall be construed accordingly.



“Customer” means the Customer as specified
in the Key Commercial Temis.



“Dispute” has the meaning given to it
in Clause 28.



“Energy Institute” means the professional
body for the energy industry, based in the UK.



“Failure to Pay Notice•has the meaning
given to it in Clause 13.2.



’‘Foree Majeure” has the meaning given to it
in Clause 18.1.



’‘LIBOR”means
the British Bankers· Association Interest Settlement Rate for dollars for a period of one month, displayed on the appropriate page
of the Reuters screen.



“Loss”means any loss, damage, cost and expensesuffered by the claimant due to the loss, destruction or damage of any property (including
the property of the claimant) or from any damage to the environment or from the death or injury of any person (including the claimant).



“Maintenance
Works”means checking, maintenance, repair and alteration work to the Temiinal as per Clause 5.1.



“OT1” and “OT2”means all permanent existing and planned oil tanker berths at Oil Tanker Temiinal 1 and Oil Tanker Terminal 2 within the Port of
Fujairah, along with the installations related thereto.







2







“Party”and “Parties·means the Customer andthe Operator individually and collectively as the context may require.



“Port
Regulations”means any rules, regulations, ordinances, procedures, directives, requirements, policies, standards or information
of any kind, whether currently in force or introduced from time to time, produced bythe POF in connection
with POF and with which users of POF are required to comply, including the Port Guidelines, the Port Ordinance 1982, and the Top Side
Rules, as may be amended from time to time.



“Reasonable and Prudent
Operator• means a person seeking in good faith to perform its contractual obligations and in so doing and in the general conduct
of its undertaking exercising that degree of skill, diligence, prudence and foresight which would reasonably and ordinarily be expected
from a skilled and experienced operator complying with the Port Regulations and all Applicable Laws and engaged in the same type of undertaking
under the same or similar circumstances and conditions as contemplated by this Agreement.



“Rules”
has the meaning given to it in Clause 30.1.



“Security Trustee·
has the meaning given to it in Clause 16.3.



“Standards
of a Reasonable and Prudent Operator’’means the standards, practices, methods and procedures expected from a Reasonable and Prudent
Operator.



“Termination Sum”means an amount equal lo the aggregate amount that would have become due in respect of the Rental and Handling Charge (fixed at the
higher of the Floor Price or the latest Market Price) under this Agreement until the date on which this Agreement would have expired
in accordance with its terms.



‘Vessel”
means any boat, ship or tanker delivering Product to the Terminal via the OT1, OT2 or any future jetties or any single buoy mooring system.



| | 1.2 | Interpretation
| | --- | --------------



Words importing
the singular only also include the plural and vice versa where the context requires; words and expressions importing the masculine gender
include the feminine; reference to person includes any public body and any body of persons incorporate or unincorporate.



| | 1.3 | Headings
| | --- | --------



Clause headings
shall be deemed not to be part of the Agreement and shall not be taken into account in the interpretation thereof.



| | 1.4 | Prevalence
| | --- | ----------



The provisions
of the Key Commercial Terms and the Clauses of the GTCs are to be read as mutually explanatory one of another, but in case of conflict,
discrepancy in or divergence between the provisions of the Key Commercial Terms and the Clauses of this Agreement, the provisions of the
Key Commercial Terms shall prevail.



| | 2. | APPLICABILITY
                                            OF GTCs
| | -- | -----------------------------------------------------------------



All Services
shall be provided and carried out pursuant to this Agreement, unless otherwise agreed in writing by the Parties.





3







| | 3. | PRODUCTS
| | -- | --------
| |    |         

| | 3.1 | Description
| | --- | -----------



For each
cargo of Product to be delivered to the Terminal, the Customer shall, when required by the Operator in accordance with the Operator’s
normal operating procedures. furnish to the Operator a correct and full written description of the
Products as may be reasonably requested by the Operator and shall include: their nature, type,quality, composition, temperature, weight, volume, value, source, origin, hazard classification, their pressure and in addition
thereto all physical/chemical properties including but not restricted to: bolling point, flash point, vapour pressure, toxicity, melting
point, coagulation point, viscosity, degradableness in water, stability, corrosiveness, acidity, static loading, smell level, MAC/PEL
value and all particulars, knowledge of which is material to the Operator for the provision of the Services or alternatively, which is
of such nature that the Agreement would not have been entered into or not on the same conditions, if the Operator had had knowledge of
those particulars. Such description shall be provided by the Customer in the form specified by the Operator.



| | 3.2 | Additional
                                            Documents
| | --- | ----------------------------------------------------------------



The Customer
agrees to execute in its name, pay for, and furnish to the Operator timely before the receipt of the Products all information, documents,
permits, approvals and other materials and data (“Additional Documents”) which may be required by any Applicable Law
including statutes, ordinances, rules, or regulations of any public authority relating to the description, receipt, storing, handling
(loading/unloading), blending, shipping, or disposal of the Products or their waste or waste products, to or from the Terminal, together
with detailed written instructions as to their use and disposition.



| | 3.3 | Notification
| | --- | ------------



The Customer
shall as soon as practically possible notify the Operator in writing of new data with regard to the Products falling under the Agreement
that become known during the duration of the Agreement.



| | 3.4 | No
                                            Cognizance
| | --- | ---------------------------------------------------------



The Operator shall not be deemed
to have knowledge of the description of the Products, if the descriptions referred to in Clause 3.1 and/or the Additional Documents
as per Clause 3.2 are not materially complete or correct. The Operator may accept delivery of the Products notwithstanding the
Operator’s knowledge of any Incorrect or incomplete description of the Products and/or incorrect or incomplete Additional Documents
(having notified the Customer of such), and if the Operator shall choose to take delivery of the Products for any reason
whatsoever:



| | (a) | the Customer shall bear the risk and expense of any necessary
measures carried out by the Operator in respect of the Products arising from such incorrect or incomplete description and/or such incorrect
or incomplete Additional Documents and shall indemnify the Operator against all Loss arising from such measures; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the Operator shall not be liable for any Loss arising from such taking of delivery
of the Products,
| | --- | ---------------------------------------------------------------------------------------------------



save in each
case to the extent such Loss arises from the gross negligence or wilful misconduct of the Operator.



4







| | 3.5 | Inspection
                                            of Products
| | --- | ------------------------------------------------------------------



| | (a) | The Operator is not bound to check the Products or their quality,
conditions and conformity with their description and/or, as the case maybe, the completeness or correctness of the Additional Documents.
Without prejudice to Clause 3.4, the Operator shall, however, be entiUed, on or before taking delivery of any Products, to measure, test
or examine the Products and check the Additional Documents for the purposes of inspection or verification if the Operator suspects that
the contents have been incompletely or incorrectly described andlor incomplete or incorrect Additional Documents have been furnished
to the Operator. The Customer shall bear the cost of the Operator’s inspection and verification.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Customer may appoint, at its own cost and expense, an independent inspector{s), the identity of which
shall be approved by the Operator, to ascertain the quality of the Products at the Terminal. The decision of such inspedor{s), if appointed,
shall be treated and accepted by the Customer and the Operator as conclusive and shall be final and binding upon the Operator and the
Customer, save in the case of fraud or manifest error, as to the quality of the Products so loaded or unloaded. If no inspector is appointed,
then in such an event the qualities ascertained by the Operator shall be bindin! for both Parties.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.6 | Delivery
                                            of Products
| | --- | ----------------------------------------------------------------



| | (a) | Any taking of delivery of the Products by the Operator shall not constitute proof that the Products were
delivered in a good and undamaged condition.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Operator shall, as soon as possible, notify the Customer of any damage or defe_ct of the Products
and/or incompleteness or incorrectness of the description of the Products or the Additional Documents, which is apparent at the time of
delivery thereof but the Customer shall not make any claim against the Operator by reason of the fact that it has not been so notified.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Operator shall be entitled, at the expense of the Customer, to do all things necessary to prevent
or reduce further deterioration in the condition of the Products and to arrange for a report to be made on the condition of the Products
or, as the case may be, arrange for the correction or completeness of the Additional Documents, without being liable for any Loss arising
from doing such things and the Customer shall indemnify the Operator against such Loss save where such Loss arises from the gross negligence
or wilful misconduct of the Operator.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.7 | Refusal
                                            of Products
| | --- | ---------------------------------------------------------------



Notwithstanding
other provisions of the Agreement, lhe Operator shall be entitled to refuse to take delivery of the Products or to carry out any Services
if the acceptance of Product or carrying out of Services may in the reasonable opinion ofthe Operator result in:



| | (a) | the Products delivered purportedly as the Products do not conform with the description thereof provided
by the Customer as per Clause 3.1 andfor are not furnished with complete or correct Additional Documents as per Clause 3.2;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | danger or damage either to persons, goods, the Terminal or property generally;
| | --- | ------------------------------------------------------------------------------



| | (c) | any environmental damage; or
| | --- | ----------------------------



| | (d) | a violation of the Port Regulations or Applicable Laws.
| | --- | -------------------------------------------------------







5









| | 3.8 | If the Products are at the Terminal and. in the reasonable opinion of the Operator. do not conform with
the description thereof provided by the Customer as per Clause 3.1 and/or are not furnished with complete or correct Additional Documents
as per Clause 3.2, the Operator shall be entitled to rer:nove the Products forthwith at the risk and expense of the Customer if the carrying
out of the Services may lead to a claim.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.9 | Admission
                                            to Terminal
| | --- | -----------------------------------------------------------------



If the Operator
gives its consent to admit to the Terminal the Products, whose quality deviates from the description referred to in Clause 3.1 and/or,
as the case may be. the Additional Documents are incomplete or incorrect as per Clause 3.2, all the necessary extra operations, of any
nature whatsoever, which are carried out in relation to those Products and all further consequences shall be for the account of the Customer.



| | 3.10 | Duties,
                                            Taxes and Charges
| | ---- | ---------------------------------------------------------------------



If the Products are or may be subject
to duties, taxation or other charges by the competent authorities, the Customer shall reasonably in advance furnish to the Operator, all
information and documents required by the Operator to enable the Operator to make the appropriate declarations to such authorities for
such purposes or to facilitate the Operator’s dealings with such authorities. The Customer shall be liable for and shall indemnify the
Operator against any Loss. penalties, taxes or duties paid or payable by the Operator in connection with the Product.



| | 3.11 | Warranty
| | ---- | --------



The Customer warrants that the Products:



| | (a) | will cause no damage to the Storage Facilities and/or ancillary equipment of the Terminal;
| | --- | ------------------------------------------------------------------------------------------



| | (b) | will not render, after cleaning, the Storage Facilities unfit for the proper storage of water white chemicals; and
| | --- | ------------------------------------------------------------------------------------------------------------------



| | (c) | may lawfully be stored at the Terminal.
| | --- | ---------------------------------------



The Customer shall
be responsible for all fines, penalties and·damages directly resulting from the storage of the Products at the Terminal. Provided,
however, the Customer shall not be responsible for such fines, penalties and damages arising from the Operator’s failure to use reasonable
care in safekeeping and handling of the Products or the property of the Customer pursuant to its obligations under the Agreement or any
damage caused bythe gross negligence or wilful misconduct of the Operator.



| | 3.12 | Title
                                            and risk
| | ---- | ----------------------------------------------------------



Except to the
extent inconsistent with Clause 13.3 and Clause 17.5, title and risk in relation to the Product shall remain with the Customer at all
times under the tenns of this Agreement.





6









| | 4. | STORAGEFACILITIES
| | -- | -----------------



| | 4.1 | Use of Storage Facilities
| | --- | -------------------------



The Customer
shall only use the Storage Facilities for the purposes specified in the Agreement unless otherwise sublet to another customer, for which
in such case the Customer willeffect a mutually agreed sublease contract to be annexed to this Commercial
Storage Agreement



| | 4.2 | Selection of Storage Facilities
| | --- | -------------------------------



| | (a) | Unless expressly provided otherwise in the Agreement, the Operator shall, at its absolute discretion.
in consultation with the Customer, select the Storage Facilities suitable for receipt and storage oi the Products and shall be entitled
to move the Products from one part of the Storage Facilities to another from time to time with the approval of the Customer (not to be
unreasonably withheld or delayed).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Subject to obtaining the consent of the Customer and other relevant customers (which consent shall not
be required in the event of an emergency), the Operator may receive and store the Products at any of the Storage Facilities at the Terminal
in common with Products of the same average quality and of the same grade as the Products.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Customer shall not be entitled to claim that Products. which the Operator shall subsequently deliver
to the Customer out of such common place purportedly as the Products, are not in fact the Products, which the Customer had earlier delivered
to the Operator for carrying out the Services.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The Operator shall as soon as possible, notify the Customer of any movement of the Products but the Customer
shall not make any claim against the Operator by reason of the fact that it has not been so notified.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



For the purpose
of this section. “emergency’ should be understood as any unforeseeable natural hazard such as flooding, storm risk, fire and accidents
in the immediate vicinity of the oil terminal, and representing a threat to people, environment and/or facilities. Commercial or operational
optimizations shall not be interpreted as an “emergency·.



| | 4.3 | Suitability of Storage Facilities and Right of Audit
| | --- | ----------------------------------------------------



The Customer (or a third-party
surveyor engaged bythe Customer) shall be entitled to inspect the Storage Facilities to ensure
their cleanliness, suitability and good condition prior to the delivery of the Products to the Operator, prior to commencement of
this Agreement and at any time during its term. The rights to inspect, their cleanliness, suitability and good condition prior to
the delivery of the Products to the Operator shall be exercised at reasonable times, during the Storage Facilities working hours and
with prior written notice, provided the relevant representative of the Customer (or a third-party surveyor engaged by the Customer)
shall comply with all on-site health and safety and other regulations. Ifthe Customer (or a
third party surveyor engaged by the Customer) shall not make such inspection or shall not have objected in writing to the
cleanliness. suitability or condition of the Storage Facilities within 7 days following such inspection, the Storage Facilities
shall be deemed to have been in a clean, suitable and good condition upon the delivery of the Products thereto and the Operator
shall not be liable in any way whatsoever ior any Loss arising out of any lack of cleanliness or the state or condition of the
Storage Facilities. The decision of any third party surveyor engaged by the Customer as lo the cleanliness or otherwise of the
Storage Facilities shall, except in the case of fraud or manifest error, be final. The Operator shall keep all records that may
reasonably be required for any audit for a period of not less than three years, or for so long as required under the applicable
laws, whichever is longer.



7









| | 4.4 | Substitute Storage Facilities
| | --- | -----------------------------



If
at any time during the term of the Agreement. the Operator finds it necessaryto providesubstitute
storage facilities to the Customer, the Operator may do so provided any additional costs involved in the transfer of Products is at the
expense of the Operator and the Operator has obtained the Customer’s prior approval (not to be unreasonably withheld or delayed). Any
such substitute storage facilities, while in use under this Agreement, shall be Storage Facilities referred to in this Agreement. The
Operator shall compensate the Customer for the cost of any Product lost as a result of the use of such substitute Storage Facilities which
is only beyond the tolerance rule of 0.5 % plus or minus and that is caused by gross negligence of the Operator.



| | 4.5 | Maximum Contents
| | --- | ----------------



Unless explicitly
permitted otherwise in writing by the Operator, the maximum allowable weight, which may be stored in any Storage Facility shall be equivalent
tothe weight of the volume of water at a temperature of 4oC. with which the capacity of the Storage
Facility in question can be filled. No reduction in the storage rates and charges payable as per Box 12 of the Key Commercial Terms shall
be allowed on the ground that any part of such Storage Facilities shall not have been used.



| | 5. | OPERATION ANO MAINTENANCE OF STORAGE FACILITIES
| | -- | -----------------------------------------------



| | 5.1 | Operation and Maintenance
| | --- | -------------------------



The Operator at
all times during the term of the Agreement shall operate and maintain the Terminal and related equipment provided hereunder in good and
serviceable condition to the Standards of a Reasonable and Prudent Operator. The Operator has no Maintenance Works planned during the
term of this agreement. Provided that the Operator promptly notifies the Customer. the Operator shall be entiUed, to carry out unplanned
and urgent Maintenance Works to the Terminal or to have these carried out, and furthermore to effect alterations or to have these effected
or alternatively to fit additional or special equipment to the Terminal or to have these fitted. whenever the Operator deems it necessary
or prudent to do so or if the Operator is obliged to do so pursuant to Applicable Law. The maintenance costs shall be fully borne by the
Operator, unless the maintenance is related to the non conformity of the product to the provided MSDS provided by the customer.



The Customer
shall have the obligation to pay storage charge for minimum a week calculated from the moment of start of the maintenance work during
a period which any or all ofthe Volume Commitment are taken out of service for scheduled maintenance
or otherwise unavailable. Maximum one week per annum can be accrued by the Operator. in case of longer contract terms, for major maintenance
works such as but not limited to API 653 inspections.



| | 5.2 | Movingof Products
| | --- | -----------------



Subject to obtaining the
Customer’s consent (which consent shall not be unreasonably withheld or delayed) and shall not be required in the event of an
emergency), the Operator shall be entitled to move the Products from the Terminal to other parts of the Terminal if the Operator
shall deem such movement to be necessary for the Operator to carry out such Maintenance Works and in such event the Operator shall
as soon as possible notify the Customer of such movement of the Products. The Operator shall compensate the Customer for any Product
lost as a result of the movement of Products.



8









| | 5.3 | Liability
| | --- | ---------



The Customer shall
not be entitled to make any claim that has either directly or indirectly arisen from Maintenance Works·or from the deprivation
of the use of the Terminal for any duration as a result of such Maintenance Works provided that the Operator has notified the Customer
as soon as practicable after becoming aware of such works and, except in the case of an emergency, has consulted with the Customer in
respect to such works. Nothing in this Clause 5.3 shall prevent the Customer bringing a claim which has arisen from the gross negligence
or wilful misconduct of the Operator.



| | 5.4 | Paymentduring Maintenance
| | --- | -------------------------



Subject to the
provisions of this Clause 5.4, the Operator shall be entitled lo payment by the Customer of all the rates and charges or other sums payable
by the Customer under the Agreement in respect of the use of the Terminal even during any period that the Customer may be deprived of
the use of the Terminal during such Maintenance Works.



| | 6. | DELIVERY AND REDELIVERY
| | -- | -----------------------



| | 6.1 | Delivery
| | --- | --------



The Products shall
be deemed to have been delivered by or on behalf of the Customer to the Operator at the Terminal:



| | (a) | if the Products are delivered from a Vessel, immediately upon the Products passing the connecting flange
of the pipeline at the Terminal connected to the manifold of the Vessel; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | if the Products are delivered through a pipeline of any other person, immediately upon the Products passing
the valve placed between that pipeline and the pipeline at the Terminal.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.2 | Redelivery
| | --- | ----------



The Products shall
be deemed to have been re-delivered by the Operator to the Customer from the Terminal:



| | (a) | if the Products are re-delivered to a Vessel, immediately after the Products have passed the connecting
flange of the pipeline at the Terminal connected to the manifold of the Vessel; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | if the Products are re-delivered through a pipeline of ariy other person, immediately after the Products
have passed the valve placed between the pipeline at the Terminal and the first mentioned pipeline.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7. | DELIVERY AND REDELIVERY REQUIREMENTS
| | -- | ------------------------------------



| | 7.1 | Requirements
| | --- | ------------



The Operator shall receive from or
re-deliver to the Customer the Products:



| | (a) | if so instructed by the Customer;
| | --- | ---------------------------------



| | (b) | against the presentation of a receipt in a form approved by the Operator and duly signed and
stamped by the Customer,
| | --- | ---------------------------------------------------------------------------------------------------------------------





9







| | 7.2 | No Obligation
| | --- | -------------



Prior to re-delivery of the Product
by the Operator to the Customer, the Customershall advise the Operator in writing of the person(s) authorised to take re-delivery of such
Product. The Operator shall be entitled and shall endeavour but not obliged to:



| | (a) | demand from any person purporting to be entitled or authorised
to take re-delivery of the Products, satisfactory proof of the person’s identity and of such entitlement and authority: and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                           

| | (b) | satisfy itself that the signature and stamp appearing on the
instructions and receipts are correct and valid as at the date of re-delivery.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------



The Customer
shall provide the Operator with, and can amend from time to time, a list of individuals authorized lo submit requests and instructions
to the Operator on behalf of the Customer. The Operator accept and act or reject on any request or instruction given byany person included In the list provided by the Customer, and in the event that the Operator acts in reliance on any such request
or instruction, the same shall be deemed to have been made or given by the Customer. The Operator shall not be liable for any Loss arising
as a result of the Operator accepting and acting on or rejecting any such request or instruction save in the case of gross negligence
or wilful misconduct or fraud of the Operator.



| | 8. | HANDLING OF VESSELS
| | -- | -------------------



| | 8.1 | POF
| | --- | ---



The Customer
acknowledges and agrees that all Vessels must be acceptable to the Port Operator and it is the responsibility of the Customer to ensure
that its nominated Vessels al all times meet and comply with the requirements of the POF, the Port Regulations, Applicable Laws and any
other requirements and the Operator shall have no liability in this regard. The Customer further agrees that it shall comply with the
Port Regulations and Applicable Laws and any orders or directions issued by the POF or the harbour master. including with respect to Vessel
scheduling, loading, discharge and pilotage.



| | 8.2 | Order of Arrival
| | --- | ----------------



Subject to Clause
8.1 and except where required otherwise by the competent authorities or where deemed necessary by the Operator to facilitate other operations
at the Terminal, the Operator shall take delivery of Product from, and redeliver Product to, a Vessel berthed at OT1 or OT2 on a first-come-first-served
basis in accordance with the notices given to the Operator by such means and within such time as shall have been agreed between the Operator
and the Customer.



| | 8.3 | Delayed
                                            Arrival
| | --- | -----------------------------------------------------------



In the event of any
delay caused to the Vessel or any delay, interruption ordeparture from the sequence of
handing of the handling of the Vessel due to any cause whatsoever {including the non-availability of a berth or ancillary
facilities), the Operator shall not be liable to the Customer or any other person for any Loss arising from any such delay or
interruption or departure, including any claim for any demurrage orother compensation
for any temporary or permanent loss of use of the Vessel.



10







| | 8.4 | Handling Instructions
| | --- | ---------------------



If the loading or unloading of the
Products shall be undertaken by the Operator as part of the Services,
the Customer shall ensure that the Operator shall receive adequate directions in sufficient time regarding the proper manner of such loading
or unloading.



| | 8.5 | Inadequate Instructions
| | --- | -----------------------



| | (a) | If the Operator shall not have received any or any adequate
directions as described in Clause 8.4 or shall not have received such directions within sufficient timethe Operator shall be entitled
to refuse to take delivery of or to re-deliver the Products and at the risk and expense of the Customer, to remove the Vessel to any
place chosen by the Operator at its absolute discretion; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the Customer shall pay to the Operator all losses, costs and
expenses (including demurrage and consequential losses) arising from such non-receipt, refusal and removal and shall be liable for any
Loss arising from such failure and shall indemnify the Operator against such Loss.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.6 | Handling
| | --- | --------



The Customer
shall ensure that, when the Vessel has berthed or landed alongside a delivery or re-delivery point at the Terminal designated by the Operator
and the Operator has declared itself to be ready for such delivery or re-delivery. such loading from or unloading onto the Vessel (including
the connection and disconnection of hoses and lhe taking and analysis of samples of the Products) shall commence immediately and proceed
diligently on a 24-hour basis daily (including Sundays and public holidays) without interruption or delay until the completion of such
loading or unloading.



| | 8.7 | Pumping Capacity
| | --- | ----------------



Without prejudice to the generality
of Clause 8.5, the Customer shall ensure that:



| | (a) | the Products shall be unloaded from a Vessel at the maximum
pumping capacity which is usual in the case of a vessel of a similar size and tonnage unless directed otherwise by the Operator, taking
into account the receiving capacity of the Terminal and the requirements of safety; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the Products shall unless directed otherwise by the Operator,
be pumped at such temperature, pressure and condition as will not delay or impede such pumping.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



If the Operator
and the Customer shall differ on the question of such maximum pumping capacity, temperature, pressure or condition, Clause 30 shall apply.



| | 8.8 | Departure
| | --- | ---------



The Customer shall
ensure that the Vessel shall be removed from the Terminal promptly upon completion of such loading or unloading or, sooner if necessary
for compliance with the requirements of the competent authorities or where deemed necessary by the
Operator to facilitate other operations at the Terminal always subject to considerations of safety.



| | 8.9 | Failure
| | --- | -------



If:



| | (a) | the Products shall not be unloaded from or loaded onto the Vessel,
as the case may be, at the times and the speed described in Clause 8.7 due to any reason whatsoever; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



11







| | (b) | the Vessel shall not be removed from the Terminal at the time
described in Clause 8.8 due to any reason whatsoever (including the arrest or seizure of the Vessel by a third party),
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





and the Operator shall have
requested the Customer or the master of the Vessel to increase the speed of such discharge or to remove the Vessel, as the case may be,
and the Customer or the master shall fail to comply with such request due to any reason whatsoever:



| | (i) | the Customer shall pay to the Operator all losses, costs and
expenses (including demurrage and consequential losses) arising from such failure and removal and shall be liable for any Loss arising
from such failure and shall indemnify the Operator against such claims.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.10 | Not used
| | ---- | --------



| | 9. | DETERMINATION
                                            OF QUANTITIES
| | -- | -----------------------------------------------------------------------



| | 9.1 | Vessels
| | --- | -------



Quantities loaded
to or unloaded from a Vessel will be ascertained by the Operator’s automatic tank level gauging system before and after each loading/unloading
event and shall take into account quantities of Product stored in the Terminal’s pipelines. All determinations or quantities shall be
In accordance with ASTM International Standards.



Quantities unloaded from a vessel:
Notwithstanding the above, if the floating roof of the shore-tank opens or closes in the critical zone, or if the shore-tank measurements
do not conform to the standards in the American Petroleum Institute Manual of Petroleum Measurement Standards (API MPMS), the vessel/barge
delivered figures, adjusted by a valid VEF as calculated in API MPMS Chapter 17.9 shall be used for the quantity.



Quantities loaded
onto a vessel: If the shore-tank measurements do not confirm to the standards In the API MPMS, the vessel/barge delivered figures, adjusted
by a valid VEF as calculated in API MPMS Chapter 17.9 shall be used for the quantity.



| | 9.2 | Surveyor
| | --- | --------



The Customer may
appoint independent inspector(s), the identity of which shall be approved by the Operator, to witness the loading/unloading of the Products
for delivery to, or redelivery from, the Terminal. The decision of such inspectors, if appointed, shall be treated and accepted by the
Customer and the Operator as conclusive and shall be final and binding upon the Operator and the Customer, save for fraud or manifest
error, as to the quantity of the Products so loaded or unloaded. If no inspector is appointed, then in such an event the quantities ascertained
bythe Operator shall be binding for both Parties.



| | 10. | Access
                                            TOTERMINA.l
| | --- | --------------------------------------------------------------



| | 10.1 | Authorised
                                            Access
| | ---- | -------------------------------------------------------------



The Operator
shall grant the Customer and persons authorised in writing by the Customer, access to the Storage Facilities only for the purposes of
the Agreement subject to their compliance with the requirements of the Operator and the competent authorities.



12







| | 10.2 | No Claim
| | ---- | --------



The Operator
shall not be liable for any Loss due to any cause whatsoever arising from the entry to or presence of the Customer or such authorised
persons on the Terminal and the Customer shall indemnify the Operator against such Loss except for Loss which arises due to the gross
negligence or wilful misconduct of the Operator.



| | 10.3 | Not
                                            used
| | ---- | ----------------------------------------------------



| | 11. | CONDITIONS
                                            ()F PAYMENT
| | --- | ------------------------------------------------------------------



| | 11.1 | Invoicing
                                            and Payment
| | ---- | -----------------------------------------------------------------



| | (a) | In Consideration to Box 13 of Commercial Storage Agreement;
the Customer will pay the Operator the Rental and Handling C:1arges (as may be revised from time to time pursuant the terms of this Agreement)
on account in an upfront payment covering the entire Term with a proof of payment to be delivered to the Operator upon signing the Agreement.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Not later than 10 days after the end of each month. the Operator
shall submit to the Customer an invoice for the Fee incurred {excluding the Rental and Handling Charges) in respect of the immediately
preceding month. The Customer shall pay such invoice within 1Odays of
its being issued.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | All sums of whatever nature due from the Customer to the Operator
under the Agreement shall be payable without demand and set-off. or counter claim and without deduction.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | If any deduction or withholding for or on account of tax is
required by the laws of any jurisdiction to be made by the Customer from any payment. the Customer shall pay to the Operator such additional
amount as will (after such deduction or withholding has been made) leave the Operator with an amount equal to the payment which would
have been due if no deduction or withholding for or on account of tax had been required.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.2 | Immediate
                                            Payment
| | ---- | -------------------------------------------------------------



Notwithstanding the period for payment
stipulated in Clause 11.1:



| | {a) | if legal proceedings shall be commenced by any third party for
the bankruptcy or liquidation or winding up of the Customer, unless the Customer can provide evidence satisfactory to the Operator that
such proceedings are frivolous or ve>mtious and can be dismissed within 15days;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | ifthe Customer shall make any offer of composition to its creditors (except in the case of a voluntary reorganisation not including
the insolvency of the Customer);
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | if any order of distress or attachment or similar order shall
be made against any property of the Customer and is in respect of an amount greater than US$5,000,000 and remains undischarged for 14days;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                         

| | (d) | if the Customer shall cease to carry on the business in which
it was engaged at the commencement of effect of the Agreement; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | (e) | if the Customer shall fail to
perform or observe anymaterial term or condition of the Agreement,all sums due from the Customer to the Operator shall become immediately due and payable.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



13







| | 11.3 | Interest
| | ---- | --------



If due to any
reason whatsoever (except the default of the Operator), the Customer shall not pay any sum payable to the Operator under the Agreement
within 15 days after the date of the Operator’s invoice then:



| | (a) | the Operator shall be entitled to engage the services of any
person to recover such sum from the Customer, in which event the Customer shall also be liable for all actual costs incurred by the Operator
for such services (including the legal costs); and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | regardless of whether or not the Operator shall have engaged
the services of any person as described in Clause 11.3(a) the Customer shall in addition to all sums payable under the Agreement and
the costs described in Clause 11.3(a) (if any), pay to the Operator interest on such sums and the costs at 5% above the then current
LIBOR rate, which interest shall be payable on a day to day basis from the date immediately after the due date for payment to the date
of actual payment of such sums.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



the costs and
interest thereon or to the date of expiry or sooner termination of the Agreement, whichever is earlier.



| | 11.4 | Suspension
| | ---- | ----------



If the
Customer fails to pay any amount within 10 days after the due date under this Agreement, the Operator may suspend the provision of
Services under this Agreement until such non-payment is remedied. The Operator shall notify the Customer of any imminent suspension
of the provision of Services, not less than 5 days prior to the date on which the Operator shall effect such suspension. Failure by
the Operator to provide notification to the Customer of any suspension of the Services shall not limit, diminish or invalidate in
any way the Operator’s right to suspend the provision of the Services in accordance wth this Clause 11.4. During the period of
suspension. the Rental and Handling Charges shall continue to be payable.



| | 11.5 | Basis
| | ---- | -----



For the avoidance of doubt, it is
hereby agreed and declared that:



| | (a) | where the Products shall be delivered or taken re-delivery of
by a Vessel, such sums have been charged on the basis that the Products shall be delivered or re delivered at the flange of the pipeline
which is connected to the manifold of the Vessel:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | unless expressly agreed otherwise, such sums shall be payable
for the whole period during which the Storage Facilities are available for the Customer’s use pursuant to the Agreement regardless of
whether or not the Customer shall have actually used the same:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | unless expressly agreed otherwise, such sums shall be payable
on a monthly basis. Payment for a part only of a month should be on a pro rata basis; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------





| | (d) | the Operator shall not be obliged to recover from third parties
any sums which may be due from third parties to the Customer in respect of the Products.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



14







| | 12. | THIRD
                                            PARTY CHARGES AND SUMS ON PRODUCTS
| | --- | ------------------------------------------------------------------------------------



| | 12.1 | Customer’s
                                            Liability
| | ---- | ----------------------------------------------------------------



The Customer shall
pay to the Operator the amount of any properly invoiced charges or sums due or paid to third parties (including any freight, port charges,
taxes. duties. contributions, fines and any other costs) in respect of the Customer’s product and/or the provision of Services to the
Customer save for any charges which are specified in the Key Commercial Terms to be borne by the Operator and shall indemnify the Operator
against any Loss arising in respect of such unpaid charges and sums regardless of whether or not the Products shall then be present at
the Terminal.



| | 13. | RIGHTS
                                            OF LIEN AND RETENTION
| | --- | ------------------------------------------------------------------------



| | 13.1 | The Operator shall have a right of lien and retention over the
Products and all sums (including any insured sums collected by the Operator for the Customer), documents and valuables which the Operator
shall now or hereafter hold of or on behalf of the Customer or which is now or hereafter due to the Customer, to secure the performance
of all of the duties, undertakings and obligations of the Customer under the Agreement or under any other agreement made between the
Operator and the Customer in respect of other Products at the Terminal.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.2 | The Operator shall exercise its rights under Clause 13.1 by
delivering a notice to the Customer setting out the amount of the sums due under the Agreement and any other agreement between the Operator
and the Customer in respect of other Products at the Terminal (a “Failure to Pay Notice”). The Failure to Pay Notice shall
also set out a due date for payment of such sums, such date to fall at least 7 days after the dale of issuance of the Failure to Pay
Notice.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.3 | The Customer acknowledges and agrees that if the Customer has
not paid the amounts due by the due date set out in the Failure to Pay Notice, then the Operator shall be entitled to make an application
to any relevant court, to allow the Operator to sell a quantity of Product that will satisfy the amounts due under the Failure to Pay
Notice.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14. | TRANSFER
                                            OF OWNERSHIP
| | --- | -----------------------------------------------------------------



The Customer may
transfer title to Product stored in the Storage Facilities to any person who has contractual rights to the necessary storage capacity
in the Terminal. Any such transfer of title shall be promptly notified to Operator.



| | 15. | REPRESENTATIONS
                                            ANO WARRANTIES
| | --- | --------------------------------------------------------------------------



The Customer hereby represents and
warrants to the Operator that:



| | (a) | it is a company duly incorporated and validly existing under
the laws of the jurisdiction referred to in Box 2 of the Key Commercial Terms;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | it has the power and authority required to enter into this Agreement
and perform fully its obligations under this Agreement in accordance with its terms;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | subject to any general principles of law, assumptions or qualifications
referred to in any legal opinion required in relation to this Agreement, this Agreement is legal, valid and binding on it and is enforceable
in accordance with its terms;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the execution and delivery of this Agreement and the performance
of its obligations under this Agreement have been duly authorised by all the necessary corporate actions on the part of such Party; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



15







| | (e) | neither the entry into this Agreement nor the implementation
of the transactions contemplated by it will result in:
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (i) | a violation or breach of any provision of its statutes, by-laws
or other constitutional documents;
| | --- | --------------------------------------------------------------------------------------------------



| | (ii) | a breach of, or give rise to a default under, any contract or
other agreement to which it is a party or by which it is bound; or
| | ---- | --------------------------------------------------------------------------------------------------------------------------------



| | (iii) | a violation or breach of any applicable laws or regulations
or of any order, decree or judgment of any court, governmental agency or regulatory authority applicable to it or any of its assets,
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



and in case of breach of any such representation
and warranty, the Customer agrees to indemnify and keep indemnified the Operator against any such breach.



| | 16. | TERMINATION
| | --- | -----------



| | 16.1 | Early
                                            Termination byOperator
| | ---- | ------------------------------------------------------------------------



Notwithstanding
the other provisions of the Agreement, the Operator may at any time after the occurrence of an Event of Default by the Customer which
is continuing terminate the Agreement, by giving written notice of such termination to the Customer.



| | 16.2 | Event
                                            of Default
| | ---- | ------------------------------------------------------------



Each of the following is an Event of
Default by the Customer.



| | (a) | if the Customer shall fail to observe or perform any of its
material obligations under the Agreement and shall not remedy its failure to so observe or perform such material obligations within 30
days’ time after the Operator has notified the Customer of such failure:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | if the Customer shall fail to pay any sum due under this Agreement
and shall not remedy its failure to pay within 15 days’ time after the Operator has notified the Customer of such failure to pay;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | if the Guarantor fails to pay any sum due under the Guarantee
and shall not remedy its failure to pay within 15 days’ after the Operator has notified the Guarantor of such failure to pay;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | if the Guarantor shall fail to observe or perform any of its
material obligations under the Guarantee and shall not remedy its failure to so observe or perform such material obligations within 30
days’ time after the Operator has notified the Guarantor of such failure:·
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | the Guarantor repudiates or otherwise indicates an intention
no longer to be bound by the Guarantee;
| | --- | ----------------------------------------------------------------------------------------------------
| |     |                                                                                                     

| | (f) | If the Storage Facilities shall become unfit in anywayfor the performance of the Services;
| | --- | ------------------------------------------------------------------------------------------



| | (g) | if the Operator shall be of the reasonable opinion that the
Products have become subject to changes or deteriorated or may become subject to changes or deteriorate and the Operator Is of the reasonable
opinion that the Customer has failed to give proper or full instructions to the Operator for the prevention or reduction of such changes
or deterioration;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



16







| | (h) | if the Customer or the Guarantor shall have a receiver appointed
over all or any substantial part of its asset and in the case of an appointment
by a creditor, such appointment is not dismissed within 30 days;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | if the Customer or the Guarantor shall make any composition
with its creditors (except in the case of voluntary reorganisation not involving insolvency of the Customer or the Guarantor);
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | if the Customer or the Guarantor shall go into liquidation whether
voluntary or compulsory (otherwise than for the purposes of
amalgamation or reconstruction)
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 16.3 | Early
                                            Termination byCustomer
| | ---- | ------------------------------------------------------------------------



Notwithstanding
the other provisions of the Agreement and the required notice periods therein, the Customer may terminate the Agreement forthwith at any
time withoul claim or charge by the Operator, by giving notice to the Operator if any of the following
has occurred and is continuing:



| | (a) | if the Operator shall have a receiver, bankruptcy trustee or
analogous person appointed over or to administer and manage all or any substantial part of its assets and such appointment is not dismissed
or withdrawn within 30days; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | if the Operator shall make any composition with its creditors
(except in the case of voluntary reorganisation not involving insolvency of the Operator); or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | if the Operator shall go into liquidation whether voluntary
or compulsory (otherwise than for the purpose of amalgamation orreconstruction),
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------



provided that for
as long as any amount owed to any secured Finance Party, or any agent or trustee acUng on its behalf (a “Security
Trustee”),by the Operator is outstanding, the Customer shall not be permitted to terminate this Agreement upon the occurrence
of any of the events or circumstances specified in Clauses 16.3(a) to 16.3(c) (inclusive) and shall instead, subject to the required notice
period therein, only be permitted to terminate this Agreement:



| | (i) | in the event orcircumstance set out in Clause 16.3(a) occurs; or
| | --- | ----------------------------------------------------------------



| | (ii) | if:
| | ---- | ---



| | (A) | a receiver with a power of sale has been appointed by any secured
Finance Party or the Security Trustee;
| | --- | --------------------------------------------------------------------------------------------------------



| | (B) | a bankruptcy trustee has been appointed by a court in the United
Arab Emirates on the application of any secured Finance Party
or the Security Trustee; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (C) | anyanalogous person is appointed by or on the application of any secured Finance Party
                                            or the Security Trustee,
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



in each case over or to administer
and manage:



| | (D) | all or any substantial part of the Operator’s assets; or
| | --- | --------------------------------------------------------



| | (E) | the shares in the Operator that have been charged to the secured
Finance Party, or the Security Trustee (as the case may be) bythe Guarantor.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------



17







and any appointment
referred to in paragraph (A), (8) or (C) is not dismissed or withdrawn within 30 days; or



| | (iii) | any secured Finance Party or Security Trustee (as the case may
be) has been awarded a favourable judgment of a court in the United Arab Emirates substantiating the secured Finance Party’s, or Security
Trustee’s (as the case may be) debt daim and enabling it to sell (X) the Operator’s business and/or assets that have been charged to
the secured Finance Party, or the Security Trustee (as the case may be) by the Operator or (Y) the shares in the Operator that have been
charged to the secured Finance Party, or the Security Trustee (as the case may be) by the Guarantor: or
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | a court in the United Arab Emirates has issued a judgment of
liquidation or otherwise authorising (or permitting) the dissolution of the Operator following a judgment of bankruptcy, or any similar
or comparable events under any new legislation applicable to the Operator.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 16.4 | Not
                                            used
| | ---- | ----------------------------------------------------



| | 17. | AFTER TERMINATION
| | --- | -----------------



| | 17.1 | Termination
                                            Payment on Early Termination byOperator
| | ---- | -----------------------------------------------------------------------------------------------



The Customer shall
pay to the Operator forthwith on any termination pursuant to Clause 16.1, other than In the case of a termination pursuant to Clause 16.2(f)
due to an act oromission of the Operator or Force Majeure, an amount equal to the aggregate
of:



| | (a) | any amounts then due or payable but unpaid bythe Customer under this Agreement; and
| | --- | -----------------------------------------------------------------------------------



| | (b) | by way of agreed compensation, the Termination Sum calculated
as at the date of that termination.
| | --- | -------------------------------------------------------------------------------------------------



| | 17.2 | Noliability following early termination by Customer
| | ---- | ---------------------------------------------------



Without prejudice
lo any accrued rights up to ermination. the Operator shall have no liability under this Agreement or otherwise in connection with or as
a result of any termination of this Agreement pursuant lo Clause 16.3 (Early Termination by Customer).



| | 17.3 | Removal
                                            of Products
| | ---- | ---------------------------------------------------------------



The
Customer shall completely remove the Products from the Storage Facilities not later than the date of expiry or the day falling 30
days after termination of the Agreement pursuant to Clause 16.



| | 17.4 | Return
                                            of Storage Facilities
| | ---- | ------------------------------------------------------------------------



If cleaning of
the Storage Facilities is, in the opinion of the Operator, necessary, upon expiry or termination of the Agreement, or due to a change
in the nature of the Products stored or to be stored therein, during the term hereof, or both, the Customer agrees to remove or cause
to remove any Products and waste to permit deaning in a safe and legal way and to reimburse the Operator for said cleaning, removal and
disposal.



18







| | 17.5 | Right ofDisposal
| | ---- | ----------------



If the Customer fails to remove the
Products due to any reason whatsoever upon the expiry or termination of the Agreement in accordance with Clause 17.3, the Operator shall
be entitled, by notice to the Customer, to remove the Products from the Storage Facilities to any place whether in oroutside the
Terminal and dispose of ordestroy the Products in such manner as the Operator deems fit and at the risk and expense of the Customer
and by rendering any surplus to the Customer to an account as notified by the Customer.



| | 17.6 | Proceeds
| | ---- | --------



If the Operator shall decide to dispose
of the Products under Clause 17.5 by sale by private treaty or public auction any proceeds of the sale shall be applied by the Operator
in the following manner:



| | (a) | firstly, in payment of all sums due from the Customer to the
Operator under the Agreement or under any other agreement made between the Operator and the Customer;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | secondly, in payment of the expenses of the mmoval and disposal
and any storage of the Products in the period between such removal and disposal;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | thirdly, in payment of any sums due from the Customer to the
competent authorities: and
| | --- | ---------------------------------------------------------------------------------------



| | (d) | fourthly, in payment of other claims or liens of which notice
has been given by third parties to the Operator,
| | --- | --------------------------------------------------------------------------------------------------------------



and by rendering any surplus to the
Customer to an account as notified by the Customer.



| | 17.7 | Insufficient
                                            Proceeds
| | ---- | -----------------------------------------------------------------



If the proceeds of any sale of the
Products by the Operator pursuant to Clause 17.5 shall be insufficient
to satisfy in full any claim of the Operator under the Agreement and under any other agreement made between the Operator and the Customer,
the Operator shall be entitled to recover the same from the Customer as a debt in any court of competent jurisdiction. Any sale of the
Products by the Operator pursuant to Clause 17.5 shall be free from any
encumbrances.



| | 17.8 | No
                                            Liability
| | ---- | --------------------------------------------------------



The Operator shall
not be liable for any claim arising from lhe removal, disposal, destruction and intermediate storage of the Products and the Customer
shall indemnify the Operator against such claims.



| | 18. | FORCE MAJEURE
| | --- | -------------



| | 18.1 | Scope
                                            of Force Majeure
| | ---- | ------------------------------------------------------------------



Any delays in or
failure of performance by either Party shall not constitute default hereunder or give liability for any claims if and to the extent such
delays in or failures of performance are, without the fault or negligence on the part of the affected Party, caused by Force Majeure.
“Force Majeure” shall mean any event or circumstances, which is not within the reasonable control of the Party (acting
as a Reasonable and Prudent Operator) affected by the cause and which, by the exercise of diligence, such Party (acting as a Reasonable
and Prudent Operator) is unable to foresee or prevent and may include, but shall not be limited to:



19







| | a) | war, hostilities, revolution, riots, insurrection or other civil commotion, acts of terrorism or sabotage;
| | -- | ----------------------------------------------------------------------------------------------------------



| | (b) | nuclear explosion, radioactive, biological or chemical contamination, ionizing radiation, or the discovery
of such contamination or radiation;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | strikes and/or locKouts except any such action by employees or subcontractors or agents of the Party claiming
Force Majeure;
| | --- | ----------------------------------------------------------------------------------------------------------------------------



| | (d) | any effect of the natural elements, including lightning, fire, earthquake, sandstorm, flood, storm, tsunami,
cyclone, typhoon or tornado;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (e) | explosion (other than nuclear explosion or an explosion resulting from an act or war);
| | --- | --------------------------------------------------------------------------------------



| | (f) | epidemic or plague:
| | --- | -------------------



| | (g) | inability to obtain necessary equipment or materials due to blockade, embargo or sanctions; and
| | --- | -----------------------------------------------------------------------------------------------



| | (h) | any act of omission of any competent authority including any refusal to issue, withdrawal, non-renewal
or non-extension of a license, permit or approval.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18.2 | Notification
| | ---- | ------------



If either Party is prevented from
or delayed in performing any of its obligations under the Agreement by Force Majeure, such Party shall immediately notify the other Party
in writing of the occurrence of the circumstances constituting Force Majeure. Forthwith upon the Force Majeure ceasing to have effect,
the Party relying upon it shall immediately give written notice thereof to the other Party.



| | 18.3 | General
                                            Limitations
| | ---- | ---------------------------------------------------------------



The affected Party
shall not be entitled to suspend performance under this Agreement for any greater scope or longer duration than is required by the Force
Majeure or the delay occasioned thereby. Obligations of the Parties that were required to be·completely performed prior to the
occurrence of Force Majeure shall not be excused as a result of such occurrence.



The Customer
shall be able to claim Force Majeure only in respect of a vessel that is loading or unloading at the Terminal, or whose scheduled loading
and unloading at the Terminal has been notified to the Operator.



The failure or
inability of either Party to satisfy a payment obligation that has arisen under this Agreement shall not be excused by Force Majeure.



| | 18.4 | No
                                            Breach
| | ---- | -----------------------------------------------------



Neither Party
shall be deemed to be in breach of the Agreement or be liable to the other for any delay in performance or non-performance of its obligations
under the Agreement to the extent that such delay or non-performance is due to Force Majeure, of which it has notified the other Party.
The Party claiming Force Majeure shall perform and observe its obligations under the Agreement insofar as the performance and observance
thereof are not prevented by Force Majeure.



To the extent that
the Operator is unable to provide the Services as a result of Force Majeure affecting the Operator, the Customer shall not be obliged
to pay the Rental and Handing Charges.



20







| | 18.5 | Use of Storage Facilities
| | ---- | -------------------------



If Force Majeure
is being claimed by the Customer, and as a result of such Force Majeure, the Customer is not using the Storage Facilities, the Operator
may allow the use of the Storage Facilities to other customers for so long as the Force Majeure continues.



| | 18.6 | Efforts
| | ---- | -------



The Party claiming
Force Majeure shall use reasonab:e efforts to promptly cure the effect of Force Majeure.



| | 18.7 | Termination
| | ---- | -----------



Where an event
of Force Majeure affecting Operator or Customer extends for more than 90 consecutive days, the Operator
shall have the right to terminate this Agreement by giving 30 days’ written notce to the Customer to that effect



| | 19. | LIABILITY
| | --- | ---------



| | 19.1 | Operator’s Llablllty
| | ---- | --------------------



| | (a) | The Customer shall indemnify and hold the Oparator harmless
from and against all claims, costs, losses, liabilities, injury to person and/or damage to property, caused by or resulting from:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Any negligence, misconduct, and/or any intentional wrongful
acts or omissions on the part of the Customer, its employees, agents, contractors or any other persons acting under its authority (including
but not limited to; any contractors transporting product to or from the terminal) in the performance of this agreement; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Any breach of this agreement by the Customer;
| | ---- | ---------------------------------------------



| | (iii) | To the extent not caused by the negligence, misconduct of the wrongful acts or omissions of the Operator,
its employees, agents or contractors, any losses incurred directly as a results of the physical or chemical characteristics of the product
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | For the avoidance of doubt, the Operator shall not be liable
to the Customer for any claims, costs, losses, damages, liabilities, injury to person and/or damage to property incurred by the Customer
to the extent that such claims, losses, damages, liabilities, injury to person and/or damage lo property arecaused (whether directly or indirectly) by the Operator in the performance of its obligations under this agreement in accordance
with its terms.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The Operator
shall carry out the Services with reasonable care and lo the Standards of a Reasonable and Prudent Operator. Without prejudice to the
Operator’s rights under the other provisions of the Agreement, this Clause 19.1 shall not impose on the Operator any liability for claims
arising from:



| | (c) | Force Majeure;
| | --- | --------------



| | (d) | any delay in the delivery of the Products to the Operator;
| | --- | ----------------------------------------------------------



| | (e) | any other cause unless it is first proven by the Customer that such claim has arisen from the gross negligence
or wilful misconduct of the Operator or if it concerns claims due to injury to life, body or health.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



21







| | 19.2 | Event
                                            of Claim
| | ---- | ----------------------------------------------------------



Notwithstanding
anything to the contrary in this Agreement, in the event of any claim against the Operator:



| | (a) | the Operator shall not be liable for any forms of consequential losses (including loss or profits, indirect
loss or damage or other fom,s of purely economic losses);
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the Operator shall not be liable for any claim arising before delivery of the Products to the Operator
or after re-delivery of the Products to the Customer;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the claim will be void if the Customer shall not have notified the Operator thereof within 30 days after
the occurrence of the event giving rise to the claim or within 30 days after the re-delivery of the Products to the Customer. whichever
is earlier; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | if the claim shall have been notified to the Operator in accordance with Clause 19.2(d), the claim shall
become void if the Customer shall not commence legal proceedings in respect thereof within the period of 90 days after the date of such
notice.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19.3 | Compensation
| | ---- | ------------



If any claim shall
be made against the Operator by more than one person and the Operator shall decide to pay compensation in respect of the claim, the Operator
shall be entitled to apportion such compensation among such persons according to the extent of proven loss or damage suffered by each
of them.



| | 19.4 | Customer’s
                                            indemnities
| | ---- | ------------------------------------------------------------------



The Customer shall
indemnify, defend and hold harmless the Operator, its respective officers. employees and agents against:



| | (a) | any and all claims for Loss, damage and expense of whatever kind and nature, including all related costs
and expenses, in respect of personal injury to or death of any person employed by the Customer; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | any and all claims for Loss, damage and expense of whatever kind or nature, including all related costs
and expenses, brought by third par1ies against the Operator or its officers, employees or agents In connection with any act or omission
of the Customer or Its officers, employees or agents.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19.5 | Operator’s
                                            Indemnities
| | ---- | ------------------------------------------------------------------



The Operator shall
indemnify, defend and hold harmless the Customer, its respective officers, employees and agents against any and all claims for Loss, damage
and expense of whatever kind and nature, induding all related costs and expenses, in respect of personal injury to or death of any person
employed by the Operator.



| | 19.6 | Indemnity
                                            Process
| | ---- | -------------------------------------------------------------



| | (a) | Each of the Operator and the Customer undertakes and agrees, when asserting its right to indemnification
from the other party for the negligence or misconduct or wrongful acts or omissions of any of such other party’s contractors:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | To first seek racourse against any such contractor (including,
where applicable. recourse against the Owners, Insurers or P and I Clubs of the responsible barge or marine vessel);
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



22







| | (ii) | To use commercially reasonable effortS: to obtain from such Owners, Insurer or P and I Clubs sufficient
security to cover said contractors liability;
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | To claim under this indemnity only if and to the extent such contractor (including, where applicable,
recourse against the Owners, Insurers or P and I Clubs of the responsible barge or marine vessel) is liable and is unable within a reasonable
lime under the circumstances to meetand discharge its liabilities in full; and
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | That it will exercise commercially reasonable efforts to assist the other in obtaining recourse and recompense
from or on behalf of third parties for losses incurred.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | In the event that any loss in caused in whole or in partly by the concurrent negligence or intentional
wrongful acts or omissions of the Operators, its employees, agents, contractors or any other persons acting under its authority on the
one hand and the Customer its employees, agents, contractors or any other persons acting under its authority on the other hand, then this
obligation to indemnify shall be comparative and each party shall indemnify the other to the extent that such party’s negligence or intentional
wrongful acts or omissions were the cause of such loss.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20. | INSURANCE
| | --- | ---------



| | 20.1 | Insurance
                                            and Liability
| | ---- | -------------------------------------------------------------------



The Operator
shall maintain throughout the course of the Agreement the following insurance requirements:



| | A) | Worker’s Compensation and Employer’s Liability insurance, as prescribed by applicable law
| | -- | -----------------------------------------------------------------------------------------



| | B) | Commercial General Liability Insurance withan adequate maximum limit per occurrence and in the
aggregate per year for bodily injury, property damages, and contractual liability coverage not exceeding the legal liability
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.2 | No Insurance of Products
                                            by Operator
| | ---- | --------------------------------------------------------------------------------



Unless it has been
explicitly agreed in writing with the Customer, the Operator shall not be obliged to insure the Products of the Customer or any other
property of the Customer or any third party.



| | 20.3 | Insurance of Products
                                            by Customer
| | ---- | -----------------------------------------------------------------------------



The Customer must maintain adequate
insurance for the Products of the Customer in the Terminal. The terms and conditions of such insurance shall include:



| | (a) | that the Operator be a co-insured in respect of such policy;
| | --- | ------------------------------------------------------------



| | (b) | the insurers waive any rights of subrogation against the Operator; and
| | --- | ----------------------------------------------------------------------



| | (c) | such other terms as the Operator shall specify.
| | --- | -----------------------------------------------



23







| | 20.4 | Operator’s
                                            Assistance
| | ---- | -----------------------------------------------------------------



If the Customer
shall request the assistance of the Operator to determine the extent and value of any loss, damage or destruction of the Products, the
Operator willrender such assistance subject to:



| | (a) | the Customer’s payment of the costs of such assistance (including the iee of the Operator) and
| | --- | ----------------------------------------------------------------------------------------------



| | (b) | if the Operator so stipulates, the Customer’s prior payment in cash of all sums due from the Customer
to the Operator under the Agreement or under any other agreement made between the Operator and the Customer.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.5 | Insurance
                                            of Protection and Indemnity Cover byCustomer
| | ---- | --------------------------------------------------------------------------------------------------



The Customer shall
procure and maintain (or, in the case of Vessels it has chartered, cause to be procured and maintained), in relation to its Products ,
activities and the activities of its Vessels at the Terminal, comprehensive protection and indemnity insurance including coverage for
injury/loss of lives, full collision liability, damage to property including fixed floating objects orPort of Fujairah property, crew, cargo, po11ution liability, spillage and wreck removal, towage, war risks and fines, in accordance
with good industry practice in addition to any requirements imposed by the Port Regulations.



| | 21. | CONFIDENTIALITY
| | --- | ---------------



| | 21.1 | Confidential
                                            Information
| | ---- | --------------------------------------------------------------------



| | (a) | Subject to Clause 21.1(b), each Party
agrees to and shall cause its respective agents, representatives, affiliates, employees, officers and directors, to treat and hold as
confidential (and not disclose or provide access to any person), all confidential Information received by it relating to the other Party,
information relating to the provisions of and negotiations leading to this Agreement, and all other confidential or proprietary Information
with respect to the Terminal.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | A Party may disclose information which would otherwise be confidential without the consent of the other
Party, if and to the extent:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | (i) | required by the rules of any stock exchange or any governmental,
regulatory or supervisory body or court of competent Jurisdiction to which the Party making the disclosure is subject;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (Ii) | required by any stock exchange or any governmental, regulatory
or supervisory body of the Operator’s parent company, which for the avoidance of doubt, is listed on the Nasdaq Stock Exchange, New York.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | required by the law of any relevant jurisdiction;
| | ----- | -------------------------------------------------



| | (iv) | required by lenders in connection with debt financing arrangements for the Terminal;
| | ---- | ------------------------------------------------------------------------------------



| | (v} | disclosure is made to the affiliates, professional advisers,
auditors and bankers of that Party:
| | --- | ------------------------------------------------------------------------------------------------



| | (vi) | disclosure is made \o bona fide potential purchasers of shares in that Party and the professional advisers
of such bona fide potential purchasers;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (vii) | the information has come into the public domain through no fault of that Party; or
| | ----- | ----------------------------------------------------------------------------------



24







| | (viii) | the other Party has given prior written ar.iproval to the disclosure.
| | ------ | ---------------------------------------------------------------------



| | (c) | This Clause 21and such Clauses of this
Agreement as are necessary to permit the enforcement of this Clause 21shall
continue to apply for two (2) years following the expiry or termination
of this Agreement.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 22. | CUMULATIVE
                                            RIGHTS AND REMEDIES
| | --- | --------------------------------------------------------------------------



The rights and
remedies given to the Parties under this Agreement shall be cumulative remedies and shall not prejudice any other rights or reimedies
of the Parties contained in the Agreement or at law or the right of action or other remedy of the Parties for the recovery of any sums
due to it from any other Party or in respect of any antecedent breach of the Agreement by that Party.



| | 23. | COMPLIANCE WITH STATUTES
| | --- | ------------------------



The Parties shall
comply with the provisions of all statutes affecting the Products, the Services and the Agreement (including, without limitation, those
specified in Box 20 of the Key Commercial Terms) and shall give all necessary
nc,tices and the Customer shall obtain all requisite permission, approvals and consents. The Customer shall indemnify the Operator against
any fines, penalties, losses, costs or expenses incurred by the Operator in respect of any non-compliance with the provisions of
such statutes save for where such fines, penalties, losses, costs or expenses were caused by the gross negligence or wilful misconduct
of the Operator.



| | 24. | NOTICES
| | --- | -------



| | 24.1 | Unless otherwise provided forherein, all notices to
be given or made in connection with the matters contemplated by this Agreement shall be in writing and shall be delivered personally
or sent by prepaid mail:
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



In the case of the Operator to:



| | Brooge Petroleum and Gas Investment
| | -----------------------------------
| | Company Address: P.O. Box 50170,   
| | Fujairah, UAE                      
| |                                    
| | Attention:                         
| |                                    
| | Ms Lina Saheb                      
| |                                    
| | Chief Strategy Officer             
| |                                    



In the case of the Customer lo:



| | TOTSA TOTAL OIL TRADING SA | 
| | -------------------------- | 
| |                            | 
| |                            | 
| |                            | 
| |                            | 
| | Attention:                 | 
| |                            | 
| |                            | 
| |                            | 
| |                            | 



25







and shall be deemed to have been duly
given or made served as follows:



| | (a) | if personally delivered, upon delivery at the address of the relevant party;
| | --- | ----------------------------------------------------------------------------



| | (b) | if sent by mall, 2 Business Days after the date of posting; and
| | --- | ---------------------------------------------------------------



provided that
if, in accordance with the above provision, any such notice, demand or other communication would otherwise ·be deemed to be given
or made on a non-business day after 5.00 p.m. at the location of the recipient, such notice, demand or other communication shall be deemed
to be given or made at 9.00 a.m. on the next business day at the location of tile recipient. Unless the contrary be proven, proof of postage
or delivery shall be proof of service.



| | 24.2 | A Party may notify the other Party of a change to its name,
relevant addressee, address or fax number for the purposes of Clause 24.1 provided that such notification shall only be effective:
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | on the date specified in the notification as the date on which the change is to take place; or
| | --- | ----------------------------------------------------------------------------------------------



| | (b) | if no date is specified or the date specified is less than 10 days after the date on which notice is given,
the dale falling 10 days after notice of any such change has been given.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 25. | ASSIGNMENT/SUBLEASE
| | --- | -------------------



| | 25.1 | The Operator may al any time assign or otherwise transfer all
or any part of its rights under this Agreement.
| | ---- | -------------------------------------------------------------------------------------------------------------



| | 25.2 | The Customer shall not assign or .otherwise transfer all or
any part of its rights under this Agreement without the prior consent of the Operator (which may be granted or withheld in its absolute
discretion and may be granted subject to any conditions as the Operator deems necessary in the circumstances). The Customer shall also
be entitled to sublease part or all the Committed Volume to another well reputed third party subject to having the Operator’s prior written
approval (not to be unreasonably withheld).
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 26. | CONSENT OR WAIVER
| | --- | -----------------



No consent or
expressed or implied waiver by a Party to or of any breach of any covenant. condition or duty of the other Party shall be constructed
as a consent or waiver by that Party to or of any other breach of the name or any other covenant condition or duty by that Party and shall
not prejudice in any way the rights powers and remedies of that Party contained in the Agreement.



| | 27. | SEVERABILITY
| | --- | ------------



Should any
part, term or provision of the Agreement be judged illegal or in conflid with any law, by a court of competent jurisdiction, the validity
of the remaining portions or provisions shall not be affected thereby.



| | 28. | APPLICABLE
                                            LAW
| | --- | ----------------------------------------------------------



The Agreement and
any dispute, difference, controversy or claim arising out of or relating to this Agreement including the negotiation, existence, validity,
invalidity, enforceability, breach or termination thereof regardless of whether the same shall be regarded as contractual or not (a “Dispute”),
shall be governed by the federal laws of the United Arab Emirates and the laws of the Emirate of Fujairah.



26







| | 29. | NOTICE OF DISPUTE
| | --- | -----------------



Any Party intending
to commence proceedings in relation to any Dispute shall give at least 10 Business Days’ prior notice in writing to the othe,·
Parties of its intention to doso, explaining the nature of the Dispute and the intended proceedings.



| | 30. | ARBITRATION
| | --- | -----------



| | 30.1 | Any Dispute shall be referred to and finally resolved by arbitration under the DIFC-LCIA Arbitration Centre
Rules (the “Rules”)which (save a;; modified by this Clause 30) are deemed to be incorporated by reference into this
Clause 30. Capitalised terms used in this Clause 30 and not otherwise defined in this Agreement have the meanings given to them in the
Rules.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 30.2 | The seat, or legal place, of arbitration shall be the Dubai International Financial Centre, Dubai, United
Arab Emirates.
| | ---- | ------------------------------------------------------------------------------------------------------------------------



| | 30.3 | The number of arbitrators shall be three. The claimant (or, if more than one claimant, the claimants jointly)
shall nominate one arbitrator and the respondent (or, if more than one respondent, the respondents jointly) shall nominate one arbitrator,
in each case in accordance with the Rules. The third arbitrator, who will act as chairperson of the arbitral tribunal, shall be nominated
jointly by the two co-arbitrators, provided that if the third arbitrator has not been so nominated within 30 Business Days of the time-limit
for service of the response, the third arbitrator shall be appointed by the LCIA Court.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 30.4 | The language to be used in the arbitral proceedings shall be English.
| | ---- | ---------------------------------------------------------------------



| | 31. | THIRD PARTY RIGHTS
| | --- | ------------------



Save as expressly
provided in this Agreement, a person, who or which is not a party to the Agreement, has no right under the Contracts (Rights of Third
Parties) Act 1999 (UK) to enforce or enjoy the benefit of any term of the Agreement.



| | 32. | ACCIDENT REPORTING
| | --- | ------------------



| | 32.1 | The Operator shall immediately report by telephone and by email in accordance with Sections 32.2 and 32.3
below any accident with respect to Health Safety Environment and Security at the Terminal. For the purpose of this clause an accident
means any sudden, undesirable event on a given date whichcauses injury
lo a person, damage to assets or property, or harm to the environment
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 32.2 | Any reporting of an accident must contain available details, such as date and time of the accident, its
location and description, details/parts of the facility affected (identification of the tank, of the dock, etc.), resources at risk (product
characteristics, quantity), consequences, steps taken to fight the Accident. and any other information as STORAGE COMPANY deems relevant.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 32.3 | Any reporting of an accident pursuant to this Section 32.1 and related to Totsa must be made in writing
to groupmail: caraoincidents.tsgeneva@totsa.com
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------



and by telephone to one of your usual
operational contacts, (or to the operational contacts in the Notice provision of this contract) or to the following contact : +971 50
552 2801 Vincent Chauvet, Ops Manager Should you be unable to get hold of these above contacts, you may call management duty phone number
lo receive assistance: +41 22 9 202 202.



27







| | 33. | ANTI-CORRUPTION
| | --- | ---------------



In recognition
of the principles recorded in the pertinent international and regional conventions on combating corruption
and to ensure compliance with the anti-corruption laws applicable tothe activities under the Agreement and any otheranti-corruption laws otherwise applicable to the Parties or their ultimate parent company,



33.1-Neither
Party, in respect of the Agreement and the matters that are the subject of the. Agraement warrants that neither it nor to its
knowledge anyone on its behalf, has made or offered nor will make or offer any payment, gift, or promise or give any advantage,
whether directly or through Intermediaries, to or for the use of any Public Official, where such payment, gift, promise or advantage
would be for purposes of:



| | (I) | influencing any act or decision of such Public Official;
| | --- | --------------------------------------------------------



| | (ii) | inducing such Public Official to do or omit to do any act in violation of his or her lawful duties;
| | ---- | ---------------------------------------------------------------------------------------------------



| | (iii) | securing any improper advantage; or
| | ----- | -----------------------------------



| | (iv) | inducing such Public Official to use his or her influence to affect any act or decision of any department,
agency or instrumentality of any government or public enterprise;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



33.2 -
Each Party, in respect of the Agreement and the matters that are the subject of the Agreement, warrants that it has not made or offered
and will not make or offer any payment, gift, promise or other advantage, whether directly or through intermediaries. to or for the use
of any person (other than a Public Official) where such payment, gift, promise or advantage would be for purposes of inducing such person
to do or omit to do any act in violation of his or her lawful duty or to secure any improper advantage, or otherwise to do something or
refrain from doing something that would violate the laws applicable to the activities under the Agreement.



33.3 -Without prejudice
lo any other rights or remedies that either Partyotherwise may have hereunder or at law, including
but not limited to damages for breach of the Agreement, if any of the undertakings or requirements ofthis
Article 33have notbeen complied with or fulfilled by the defaulting Party inany material respect, the other
Party shall have lhe right:



(i)       to
suspend payment and/or require reimbursement of any advance payment made under the Agreement. and/or



(ii)       to
suspend and/or terminate the Agreement with immediate effect upon written notice to the defaulting Party.



DEFINITIONS :



“Public Official” means an elected
or appointed official, employee or agent of any national, regional or local government/state or department, agency or
instrumentality of any such government/state or any enterprise in which such a government/state owns,directly
or indirectly, a majority or controlling interest; an official of a political Party; acandidate
for public office; and any official, employee or agent ofany public international
organization.



“Close Family
Member ofa Public Official” means aspouse or partner,
one of his/her children, siblings or parents; the spouse or partner of his/her children or siblings; or
any household member.



28







IN WITNESS WHEREOF
the Parties hereto have entered into this Agreement and accepted the General Terms and Conditions on the day and year first above written.



|                                                        | 
|------------------------------------------------------- | 
|                                                        | 
|                                                        | 
|Signed by:                                              | 
|Nicolaas L. Paardenkooper                               | 
|Chief Executive Officer                                 | 
|for and on behalf of                                    | 
|Brooge Petroleum andGas                                 | 
|Investment Company                                      | 
|                                                        | 
|In the presence of :                                    | 
|Name:                                                   | 
|Signature:                                              | 
|                                                        | 
|                                                        | 
|                                                        | 
|                                                        | 
|Signed by:                                              | 
|                                                        | 
|                                                        | 
|for and on behalf of                                    | 
|Totsa Total Oil Trading SA                              | 
|                                                        | 
|In the presence of :                                    | 
|Name:  ................................................ | 
|                                                        | 
|Signature:                                              | 





29