Document:

Exhibit 10.44

 

Certain identified information has been excluded from the exhibit because it is both not material and would likely cause competitive
harm to the registrant if publicly disclosed. 

 

Dated
01 April 2017

 

 

 

CONFIDENTIAL

 

 

 

 

Brooge
Petroleum and Gas Investment Company 

as Owner

 

- and -

 

Flowi
Facility Management Llc

as
Operations Consultancy Service Provider

 

 

 

 

SERVICE AGREEMENT

 

 

 

	 	 

    Hogan

    Lovells	 

 

 

Hogan Lovells (Middle East) LLP

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

 UAE

 

     

     

    

 

Contents

 

	CLAUSE	Page No
	 	 	 
	1.	Definitions
    and Interpretation	1
	 	 	 
	2.	Relationship
    of the Parties	9
	 	 	 
	3.	Responsibilities
    of the Operations Consultancy Service Provider	10
	 	 	 
	4.	General
    Responsibilities of the Owner	24
	 	 	 
	5.	Not
    Used	25
	 	 	 
	6.	Payment	25
	 	 	 
	7.	Key
    Performance Indicators	26
	 	 	 
	8.	Option
    to Review and Option to Extend	27
	 	 	 
	9.	Representations,
    Warranties and Covenants	28
	 	 	 
	10.	Owner’s Rights	30
	 	 	 
	11.	Insurances	30
	 	 	 
	12.	Indemnification	31
	 	 	 
	13.	Limitations on Liability	32
	 	 	 
	14.	Events of Default and Default Termination	32
	 	 	 
	15.	Non Default Termination and Extension	35
	 	 	 
	16.	Effect of Termination	36
	 	 	 
	17.	Handback Requirements	38
	 	 	 
	18.	Changes	39
	 	 	 
	19.	Force majeure	40
	 	 	 
	20.	Intellectual property rights	42
	 	 	 
	21.	Confidentiality	42
	 	 	 
	22.	Dispute resolution	43
	 	 	 
	23.	Statutory functions	44
	 	 	 
	24.	Consultation	44
	 	 	 
	25.	General	45
	 	 	 
	Schedule 1 Scope of Services	 
	 	 
	Schedule
    2 The Facilities and The Site	 
	 	 
	Schedule
    3 Terminal Operations And Control Philosophy	 
	 	 
	Schedule
    4 Insurance Requirements	 
	 	 
	Schedule
    5 Schedule of Facilities Maintenance	 
	 	 
	Schedule 6 Fee Schedule	 
	 	 
	Schedule 7 List Of Personnel	 
	 	 
	Schedule 8 Handback Requirements	 

 

     i

     

    

 

This
Agreement is made on 01st April 2017 

 

Between:

 

	(1)	Brooge Petroleum and Gas Investment Company, a company
    incorporated in the Free Zone of Fujairah, United Arab Emirates, having registration number 13- FZC- 1117 under P.O. Box number
    50170 (the “Owner”); and
	 	 
	(2)	Flowi Facility Management LLC, a company incorporated
    in the United Arab Emirates, having registered office at Office No. 09, Floor No. 48, Aspin Commercial Tower, Sheikh Zayed
    Road, Dubai, P.O. Box. 128838 (“Operations Consultancy Service Provider”).

 

Whereas:

 

	(A)	The Owner is the owner of certain oil terminal storage facilities
    in Fujairah, United Arab Emirates, which are more particularly described in Schedule 2 (The Facilities and the Site) (the
    “Facilities”).
	 	 
	(B)	The Owner wishes to engage the Operations Consultancy Service Provider in respect of, and the Operations Consultancy Service Provider has agreed to perform, the Services in accordance with this Agreement.
	 	 
	(C)	This Agreement sets out the terms and conditions upon which Operations Consultancy Service Provider shall perform the Services.

 

It
is agreed:

 

	1.	Definitions and Interpretation
	 	 
	1.1	Definitions
	 	 
	 	In this Agreement, unless the context otherwise requires, the following words shall have the respective meanings set out below:
	 	 
	 	“Additional Services” has the meaning given to it in Clause 18.2. 
	 	 
	 	“Affected Party” has the meaning given to it in Clause 19.1.
	 	 
	 	“Affiliate” means, with respect to any person, any other person that, directly or indirectly, through one or more intermediaries, controls or is controlled by or is under common control with such person. For the purposes of this definition, “control” means direct or indirect ownership of more than fifty per cent (50%) of the outstanding capital stock or other equity interests having ordinary voting power.
	 	 
	 	“Agreement” means this operation agreement, including the Schedules hereto.
	 	 
	 	“Authorisations” means all licenses, permits and other governmental consents required by Governmental Authorities pursuant to any applicable Laws, which are or may be required for the ownership, use and occupancy of the Facilities and for the operation, maintenance, repair and reconstruction of any facilities thereon, including the purchase, sale, transportation, storage, loading and offloading of petroleum products.
	 	 
	 	“Benchmarking Exercise” has the meaning given to it in Clause 7.3.
	 	 
	 	“Business Day” means any Day excluding a Friday, Saturday and any Day which shall be a legal holiday in the United Arab Emirates, or a Day on which banking institutions are required by Law or other governmental action to be closed in the United Arab Emirates.

 

    Page 1 of 48

     

    

 

“Change in Control” means,
in respect of any person, a change in the persons who, directly or indirectly, ultimately control that person. For the purposes
of this definition, the term “control” (including the terms “controlled by” and “under
common control with”) as applied to any person, means the possession, directly or indirectly of the power to direct or
cause the direction of the management of that person whether through ownership of shares, voting securities or otherwise.

 

“Claim” means, with
respect to any party, any and all suits, sanctions, legal proceedings, claims, actions, assessments, penalties, judgments or fines
brought or enforced against such party.

 

“CDCO” means
the date falling two (2) Months after the date of notice from the Owner notifying the Operations Consultancy Service Provider
of the commencement date of commercial operations at the Facilities.

 

“Confidential Information”
has the meaning given to it in Clause 20.

 

“Construction Defect” has
the meaning given to ‘Defect’ in the EPC Contract.

 

“Contract Year” means a period of twelve Months
(12) from the CDCO.

 

“Cost” means any cost
or expense incurred or that it is necessary for the Operations Consultancy Service Provider to incur for performance of its obligations
under this Agreement, which costs or expenses may include:

 

	 	(a)	capital costs;
	 	 	 
	 	(b)	financing costs; and
	 	 	 
	 	(c)	fixed and variable costs of operation activities required hereunder;

 

“Day” when not preceded
by the word “Business”, means the twenty-four (24)-hour period beginning at 00:00 midnight and ending at 23:59 United
Arab Emirates time.

 

“Defects
Liability Period” has the meaning given to ‘Defects Liability Period’ in the EPC Contract, which, for
the avoidance of doubt is a period of 365 days from completion of all construction works, which is extendable to a maximum of
two (2) Years in accordance with the terms of the EPC Contract.

 

“Dispute Notice” has
the meaning given to it in Clause 21.1. “Emergency” means an imminent or serious threat:

 

	 	(a)	to the safety of persons;
	 	 	 
	 	(b)	to the environment (including, land, air and sea);
	 	 	 
	 	(c)	to the security of the Facilities; or
	 	 	 
	 	(d)	of material damage to the Facilities (or any part thereof).

 

“End-User” means any
end-user of the Facilities that enters into or has entered into an End-User Agreement with the Owner.

 

“End-User Agreement”
means an executed Proposed End-User Agreement,

 

“Environmental Law”
means a Law, whether arising by statute or common law, relating to the environment including a Law relating to environmental assessment,
environmental heritage, water, water catchments, pollution of sea, sea beds, sea coast, beaches, air, soil, groundwater or water,
noise, soil, chemicals, pesticides, hazardous substances, the ozone layer, waste, dangerous goods, building regulation, occupation
of buildings, public health, occupational health and safety, environmental hazard, any aspect of the protection of the environment,
or the enforcement or administration of any of those Laws (whether that Law arises under statute or the common law or pursuant
to any permit, license, approval, notice, decree, order or directive of any Governmental Authority or otherwise).

 

    Page 2 of 48

     

    

 

“EPC Contract” means
the contract made between the Owner and the EPC Contractor for the engineering, procurement, construction, pre-commissioning and
commissioning of the Facilities including remedying any defects.

 

“EPC Contractor” means
Audex PTE.

 

“Excess Cost” has the
meaning set forth in Clause 3.15.

 

“Expiry Date” means
the date falling on the expiry of the Initial Term or following the expiry of the Initial Term, the date falling on the expiry
of any Renewal Terms (as the case may be).

 

“Facilities” has the
meaning given to it in the recitals to this Agreement.

 

“Force Majeure” has
the meaning given to it in Clause 19.1.

 

“Force Majeure Notice” has
the meaning given to it in Clause 19.2.

 

“Force Majeure Termination Notice”
has the meaning given to it in Clause 15.1.

 

“Future Expansion Facilities”
means the future expansion of the Facilities, which may be developed by the Owner.

 

“Good Industry Practice”
means using standards, practices, methods and procedures conforming to the Law and exercising that degree of skill and care,
diligence, prudence and foresight which would reasonably and ordinarily be expected from a skilled and experienced person engaged
in a similar type of undertaking, including the provision of underground and aboveground storage and terminalling services, under
the same or similar circumstances. With respect to the Facilities, “Good Industry Practice” includes taking
reasonable steps to ensure that:

 

	 	(a)	adequate materials, resources and supplies, including energy, are available to meet the Facilities’ needs under normal conditions and reasonably anticipated abnormal conditions;
	 	 	 
	 	(b)	sufficient and duly licensed, as required by Law, operating personnel are available and are adequately experienced and trained to operate the Facilities properly, efficiently and taking into account manufacturer’s guidelines and specifications and are capable of responding to reasonably anticipated abnormal conditions;
	 	 	 
	 	(c)	preventative, routine and non-routine maintenance, repairs and
    calibration performed on a basis that ensures reliable long term and safe operation and taking into account
    manufacturers’ recommendations, and are performed by knowledgeable, trained and experienced personnel who are duly
    licensed as required by Law utilising proper equipment, tools and procedures;
	 	 	 
	 	(d)	appropriate monitoring and testing is done to ascertain to ensure equipment is functioning as designed and to provide assurance that equipment will function properly under both normal and reasonably anticipated abnormal conditions; and

 

    Page 3 of 48

     

    

 

	 	(e)	equipment is operated in a manner safe to workers, the general public, the environment, plant and equipment and with regard to manufacturers’ defined limitations such as temperature, moisture and chemical content.

 

“Government” means the
Government of the United Arab Emirates.

 

“Governmental Authority”
means the Government or any ministry, department or political subdivision thereof, and any person exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government, or any person or entity exercising delegated authority
of one of those bodies, or any other governmental entity, instrumentality, agency, authority, corporation, committee or commission
under the direct or indirect control of any of the same.

 

“Hazardous Material” means
any chemicals, materials, substances or items in any form, whether solid, liquid, gaseous, semisolid, or any combination thereof,
whether waste materials, raw materials, chemicals, finished products, by-products, or any other materials or articles, which are
listed or regarded as hazardous, toxic, prohibited or dangerous under the Environmental Laws.

 

“Health and Safety Laws”
means any health, safety or environmental legislation (or any legislation regulating health and safety or the environment)
which is in force in the United Arab Emirates from time to time.

 

“Indirect Losses” means
any consequential or indirect loss, cost, expense or damage, including loss of actual or anticipated profits, cost of capital,
lost opportunities (including opportunities to enter into or complete arrangements with third parties), loss of goodwill, loss
of or inability to use equipment, a failure to realise anticipated savings or loss of reputation, howsoever caused (including by
negligence) increased operating costs or any other special, punitive or incidental damages.

 

“Initial Term” means
the period commencing on the CDCO and ending on the Day falling one (1) Day before the first (1st) anniversary of the CDCO.

 

“Insolvency Event” means
the happening of any of these events with respect to a party:

 

	 	(a)	the passing by that party of a resolution for, or that party being under, bankruptcy, judicial management, insolvency, winding up, liquidation, or other similar proceeding;
	 	 	 
	 	(b)	the appointment of a trustee, judicial manager liquidator, custodian, or similar person in a proceeding referred to in paragraph (a) of this definition which appointment has not been set aside or stayed within thirty (30) Days;
	 	 	 
	 	(c)	the making by a court having jurisdiction of an order winding up or otherwise confirming the bankruptcy or insolvency of that party, which order has not been set aside or stayed within thirty (30) Days;
	 	 	 
	 	(d)	a receiver, receiver and manager, official manager, trustee, administrator, controller or similar official is appointed over any of the assets of the assets that party for a period exceeding six (6) Months;
	 	 	 
	 	(e)	except to reconstruct or amalgamate while solvent, that party enters into, or resolves to enter into, a scheme of arrangement, deed of company arrangement or composition with, or assignment for the benefit of, all or any class of its creditors, or it proposes a reorganisation, moratorium or other administration involving any of them;
	 	 	 
	 	(f)	that party is unable to pay its debts consistently when they are due or states that it is insolvent; or

 

    Page 4 of 48

     

    

 

	 	(g)	that party suspends payment of its debts generally.

 

“Intellectual Property Rights”
means:

 

	 	(a)	patents, trademarks, service marks, rights in designs, trade names, copyrights and topography rights, in each case whether registered or not;
	 	 	 
	 	(b)	applications for registration of any of them;
	 	 	 
	 	(c)	rights under licenses and consents in relation to any of them;
	 	 	 
	 	(d)	all forms of protection of a similar nature or having, equivalent or similar effect to any of them which may subsist anywhere in the world; and
	 	 	 
	 	(e)	Confidential Information,

 

in each case whether existing or arising
at statute, at common law or in equity.

 

“Key Performance Indicators”
means the standards (as set out in Annex A of Schedule 1 (Scope of Services)) in accordance with which the Operations Consultancy
Service Provider shall provide the Services, as amended from time to time in accordance with the terms of this Agreement.

 

“Law” means any decree,
resolution, law, statute, act, ordinance, rule, directive (to the extent having the force of law in the United Arab Emirates),
order, treaty, code or regulation (including any of the foregoing relating to health or safety matters or any Environmental Law)
or any interpretation of the foregoing, as enacted, issued or promulgated by any Governmental Authority, including amendments,
modifications, extensions, replacements or re-enactments thereof, and includes also Authorisations and other licenses, permits,
approvals and agreements, and any injunction or final non-appealable judgment directly applicable to the relevant party, of any
Governmental Authority having jurisdiction over the matter in question.

 

“Lien” means any mortgage,
pledge, lien, security interest, option agreement, claim, charge or encumbrance of any kind.

 

“Loss” means, any loss,
liability, damage, cost, charge or reasonable expenses that a party pays or suffers or incurs or is liable to pay, pursuant to
a Claim, including:

 

	 	(a)	all interest and costs awards payable to third parties pursuant to Claims; and
	 	 	 
	 	(b)	all reasonable legal and other reasonable out of pocket expenses incurred in connection with defending any Claim or action, whether or not resulting in any liability, and all amounts paid in settlement of any Claim or action that would be recoverable hereunder consistent with the restrictions on recovery, but excluding Indirect Losses.

 

“Measures”
refers to the measures for each Key Performance Indicator as set out in the column headed “Measures” in Annex A of
Schedule 1 (Scope of Services).

 

“Month” means a calendar
month.

 

“New Agreement” means
a new agreement to be entered into between the Owner and the New Operations Consultancy Service Provider for the provision of the
Services by the New Operations Consultancy Service Provider.

 

“New Operations Consultancy Service
Provider” means the person who has entered or who will enter into the New Agreement with the Owner.

 

“Non-Default Termination Notice”
has the meaning given to it in Clause 15.2.

 

    Page 5 of 48

     

    

 

“Non-Affected Party” has
the meaning given to it in Clause 19.1.

 

“Non Construction Defect”
has the meaning given to it in Clause 3.18(g).

 

“Operation & Control Philosophy”
means the documents forming Schedule 3 to this Agreement, describing the operations and control philosophy of the Facility.

 

“Operating Procedures” means
the administration, safety and risk management, emergency, operation and maintenance procedures governing the full operation of
the Facilities.

 

“Operational Budget” means
the yearly budget referred to in Clause 3.7 to be submitted by the Operations Consultancy Service Provider to the Owner for the
Owner’s review and approval.

 

“Operational Budget Information”
has the meaning given to it in Clause 3.7.

 

“Operations Consultancy Service
Provider” has the meaning given to it in the parties’ clause to this Agreement.

 

“Operations Consultancy Service
Provider’s Cure Period” has the meaning given to it in Clause 14.1.

 

“Operations Consultancy Service
Provider Events of Default” has the meaning given to it in Clause 14.1.

 

“Owner” has the meaning
given to it in the parties’ clause to this Agreement.

 

“Owner Events of Default”
has the meaning given to it in Clause 14.2.

 

“Owner Insurances” has
the meaning given to it in Clause 11.1.

 

“Owner Related Party” means
any of the Owner’s agents, consultants, contractors (including any Owner Vendor) and sub-contractors of any tier and its
or their directors, officers and employees but excluding the Operations Consultancy Service Provider and statutory undertakers
and

 

“Owner Related Parties”
shall be construed accordingly.

 

“Owner’s Remedial Works
Contractor” has the meaning given to it in Clause 3.18(d)(ii).

 

“Performance Points” means
the points (as set out in Annex A of Schedule 1 (Scope of Services)) allocated for the achievement or failure to achieve any Key
Performance Indicator.

 

“Personnel Turnover Requirements”
has the meaning given to it in Clause 24.2(a).

 

“Policies” means the
policies, directions or guidelines as may be published by the Owner governing the Facilities and as amended from time to time.

 

“Proposed End-User Agreement”
refers to any end-user agreement between the Owner and an End-User in respect of the Facilities, in substantially the same
form contained in Schedule 3 (Form of End-User Agreement) for the provision of storage facilities and related services by the Owner
to the End-User.

 

Proprietary Information” of
a person means information rightfully in the possession of such person, including an document, idea, policy, procedure, method,
process, materials or other tangible or intangible thing, which information derives economic value from not being generally known
to and not being readily ascertainable by proper means by another person who can obtain economic value from its disclosure and
use, and which is the subject of reasonable efforts to maintain its secrecy.

 

    Page 6 of 48

     

    

 

“Reimbursable Costs” has
the meaning given to it in Clause 3.7A. 

 

“Related Dispute” has the meaning given to it in Clause 22.2.

 

“Renewal Agreement Date”
has the meaning given to it in Clause 15.3.

 

“Renewal Term” means
a period of five (5) Years unless earlier terminated in accordance with the terms of this Agreement.

 

“Required Action” has
the meaning given to it in Clause 10.1.

 

“Review Date” means
the first (1st) Day of each Contract Year. 

 

“Rules” has the meaning given to it in Clause 21.2(a).

 

“Schedule of Facilities Maintenance”
refers to the maintenance programme for the Facilities as set out in Schedule 8 (Schedule of Facilities Maintenance) as per
OEM recommendations and any specific requirements provided by the EPC Contractor.

 

“Services” means the
services to manage recruitment, support, consultation, supervision, taking care, custody and control of, maintaining and repairing
and the operating of the Facilities to be provided, managed and / or procured by the Operations Consultancy Service Provider for
the Owner under this Agreement (and shall include the matters described in Schedule 1 (Scope of Services)) as subsequently amended
or adjusted in accordance with this Agreement.

 

“Signing Date” means
the date on which this Agreement has been executed by both parties.

 

“Site” means those certain
parcels of land on which the Facility will be built, as set out / described in Schedule 2 (The Facilities and the Site).

 

“Spare Parts Inventory”
has the meaning given to it in Schedule 1 (Scope of Services).

 

“Step-Change in Technology”
means a change in the technology associated with the management, operation or maintenance of the Facilities in any significant
technological improvements which results in significant reductions in fixed and variable management, operation and / or maintenance
costs, manpower costs and / or fuel cost to the Operations Consultancy Service Provider.

 

“Sub-Contracts” means
the contracts entered into between the Operations Consultancy Service Provider and Sub-Contractors.

 

“Sub-Contractor” means
any third party or any other person engaged by the Operations Consultancy Service Provider from time to time as may be permitted
by this Agreement to procure the performance of the Services (or any of them).

 

“Targets” refers to
the targets for each Key Performance Indicator as set out in the column headed “Targets” in Annex A of Schedule 1 (Scope
of Services).

 

“Term” means the Initial
Term and any Renewal Terms.

 

“Term Fee” means the
fixed fee set out in Schedule 6 (Fee Schedule)), being payment for the Services performed during the Term.

 

“Termination Date” means
the date of early termination of this Agreement in accordance with its terms.

 

“Vendor Equipment and Machinery
Works” has the meaning given to it in Clause 3.7A.

 

    Page 7 of 48

     

    

 

“Year” means the twelve
(12) Month period from and including a day to (but not including) the day bearing the same number in the same month of the following
year.

 

	1.2	Interpretation

 

This Agreement shall be interpreted according
to the following provisions, unless expressly provided otherwise or unless the context requires a different meaning:

 

	 	(a)	The headings and marginal notes and references to them in this Agreement shall be deemed not to be part of this Agreement and shall not be taken into consideration in the interpretation of this Agreement.
	 	 	 
	 	(b)	The Schedules to this Agreement are an integral part of this Agreement and a reference to this Agreement includes a reference to the Schedules.
	 	 	 
	 	(c)	Words importing persons shall, where the context so requires or admits, include individuals, firms, partnerships, trusts, corporations, governments, governmental bodies, authorities, agencies, unincorporated bodies of persons or associations and any organisations having legal capacity.
	 	 	 
	 	(d)	Where the context so requires words importing the singular only also include the plural and vice versa and words importing the masculine shall be construed as including the feminine or the neuter or vice versa.
	 	 	 
	 	(e)	The language of this Agreement is English. All correspondence, notices, drawings, data, test reports, certificates, specifications and information shall be in English. All operating and maintenance instructions, name plates, identification labels, instructions and notices to the public and staff and all other written, printed or electronically readable matter required in accordance with, or for purposes envisaged by, this Agreement shall be in English.
	 	 	 
	 	(f)	References to any Agreement or document include (subject to all relevant approvals and any other provisions of this Agreement concerning amendments to agreements or documents) a reference to that Agreement or document as amended, supplemented, substituted, novated or assigned.
	 	 	 
	 	(g)	References to any Law are to be construed as references to that Law as from time to time amended or to any Law from time to time replacing, extending, consolidating or amending it, whether passed by the same or another Governmental Authority with legal power to do so.
	 	 	 
	 	(h)	References to a public organisation (other than the Owner) shall be deemed to include a reference to any successor to such public organisation or any organisation or entity which has taken over either or both the functions and responsibilities of such public organisation. References to other persons (other than the Owner) shall include their successors and assignees.
	 	 	 
	 	(i)	The words in this Agreement shall bear their natural meaning. The parties have had the opportunity to take legal advice on this Agreement and no term shall, therefore, be construed contra proferentem.
	 	 	 
	 	(j)	Reference to the “parties” means the parties to this Agreement and references to a “party” mean one of the parties to this Agreement.
	 	 	 
	 	(k)	The words “including” and “includes”, and any variations of these word, will be read as if followed by the words “without limitation”.

 

    Page 8 of 48

     

    

 

 

		(l)	All
                                         of the Operations Consultancy Service Provider’s obligations, duties and responsibilities
                                         shall be construed as separate obligations, duties and responsibilities owed to the Owner
                                         and to be performed at the Operations Consultancy Service Provider’s own cost and
                                         expense.

 

		(m)	A covenant or agreement on the part of two or more
persons binds them jointly and severally.

 

		(n)	A reference to time is to local time in the United Arab Emirates.

 

		(o)	A reference to currency is a reference to United Arab Emirates Dirhams (AED) and all amounts payable
under this Agreement shall be paid in the United Arab Emirates in United Arab Emirates Dirhams.

 

		(p)	All periods of time are based on, and computed according to, the Gregorian calendar.

 

		(q)	In the event of any inconsistency between any capitalised word, term, phrase or abbreviation
                                                                                                         in Clause 1.1 and any capitalised word, term, phrase or abbreviation contained in any Schedule or any attachment to any
                                                                                                         Schedule, the meaning contained in Clause 1.1 takes precedence over the meaning in the Schedule or attachment unless the
                                                                                                         context of this Agreement otherwise requires.

 

		1.3	Ambiguities and Inconsistencies

 

		(a)	The following descending order of precedence applies
in the event of any ambiguity, discrepancy or inconsistency between any of the provisions of this Agreement or any other document
or standard expressly incorporated into this Agreement:

 

		(i)	this Agreement (excluding the Schedules); and

 

		(ii)	Schedules 1 to 7 of this Agreement.

 

		(b)	If a party discovers any ambiguity, discrepancy or
inconsistency of this Agreement or any other document or standard expressly incorporated into this Agreement:

 

		(i)	the party which makes the discovery shall promptly notify
the other party of this in writing; and

 

		(ii)	the Owner will direct the Operations Consultancy Service Provider
as to the interpretation to be followed by the Operations Consultancy Service Provider in performing the Operations Consultancy
Service Provider’s obligations under this Agreement, without prejudice to either party’s right to refer the content of that
interpretation, or the meaning of the ambiguity, discrepancy or
inconsistency for determination in accordance with clause 21.

 

		(c)	The Operations Consultancy Service Provider in not
entitled to any additional costs by reason of the Owner’s direction under Clause 1.3(b).

 

		2.	Relationship
                                         of the Parties

 

		2.1	Relationship of the Parties

 

		(a)	The Operations Consultancy
Service Provider has been engaged and retained by the Owner, pursuant to this Agreement as an independent contractor to manage,
operate and maintain the Facilities on behalf of the Owner during the Term. The Owner has delegated to the Operations Consultancy
Service Provider the overall day-to-day responsibility of operating, maintaining and repairing the Facilities for and on
behalf of the Owner during the Term, as more specifically described in this Agreement.

 

    Page 9 of 48

     

    

 

		(b)	Subject to, and in accordance with, the provisions of this Agreement, the Operations Consultancy
Service Provider shall have the right and the obligation to perform its duties under this Agreement at its own cost and risk without
recourse to the Owner.

 

		(c)	Unless expressly provided otherwise in this Agreement, the Operations Consultancy Service Provider
shall have no authority or power to bind the Owner or to contract in the name of or create a liability against the Owner in any
way or for any purpose. The Operations Consultancy Service Provider undertakes that it will not in any correspondence or dealings
with any person (including any End-User) relating directly or indirectly to the Services, claim or act in a manner indicating that
it has the right to bind the Owner in any way or for any purpose, unless previously expressly authorised by the Owner in writing
to do so. The Operations Consultancy Service Provider shall not make or permit to be made any promise, commitment or representation
whatsoever, whether verbally or in writing or otherwise, on behalf of the Owner, unless previously expressly authorised by the
Owner in writing to do so.

 

		2.2	Entire Agreement

 

This Agreement
constitutes the entire agreement, and contains all of the undertakings and agreements of whatsoever kind and nature existing between
the parties with respect to the subject matter hereof, and supersedes all prior written or oral agreements, commitments, representations,
communications, negotiations, undertakings, understandings and business term sheets in relation to the performance of the Services
and the other subject matters of this Agreement. Neither party will be bound by or deemed to have made in connection with this
Agreement, any representations, warranties, commitments, undertakings or understandings, except those contained in this Agreement.

 

		2.3	Costs and Expenses

 

Each
party shall bear its own costs and expenses relating directly or indirectly to the preparation, execution and delivery of this
Agreement and documents to be provided under this Agreement.

 

		3.	Responsibilities
                                         of the Operations Consultancy Service Provider

 

		3.1	Scope of Services

 

The Operations Consultancy Service
Provider shall perform the Services as specified in Schedule 1 (Scope of Services) for the duration of the Term.

 

		3.2	Standards for Performance of Services

 

Subject to,
and in accordance with, the provisions of this Agreement, the Operations Consultancy Service Provider shall at its own cost be
solely responsible for procuring that the Services are at all times performed:

 

		(a)	in good faith and will exercise reasonable skill, care
and diligence in the performance of its obligations under this Agreement;

 

		(b)	in so far as not in conflict with an express obligation
of the Operations Consultancy Service Provider under this Agreement, or where in relation to a matter there is no express obligation
or standard imposed on the Operations Consultancy Service Provider under this Agreement, in accordance with Good Industry Practice;

 

    Page 10 of 48

     

    

 

		(c)	in compliance with all Law (including Environmental
Laws) and the terms of this Agreement;

 

		(d)	in a manner so as not to cause or contribute to any
violation by the Owner under any Law;

 

		(e)	in a manner such that third party warranties (including
any warranties provided by the EPC Contractor) in respect of the Facilities are not vitiated or voided; and

 

		(f)	in accordance with the Operating Procedures.

 

		3.3	Authorisations

 

		(a)	The Operations Consultancy Service Provider shall provide
the list of permits, NOCs and Approvals required for the operation of the Terminal from all relevant Local Authorities in Fujairah
in a timely manner in a way which will allow the Owner to obtain the aforementioned in due time, and shall provide all the required
support, assistance and coordination in a timely manner to the Owner to obtain, implement, maintain and renew all Authorisations
as necessary and in sufficient time for it to perform the Services in accordance with this Agreement and shall comply with the
requirements of any Law, with the lawful requirements of any Governmental Authority and with all Authorisations as may be required
to enable it to perform its obligations under this Agreement. All costs, fees and taxes (if any) which are incurred in connection
with any Authorisation obtained under this Clause 3.3 shall be borne by the Owner.

 

		(b)	The Operations Consultancy Service Provider shall,
at the Owner’s request, promptly provide the Owner with a certified copy of all Authorisations referred to in Clause 3.3(a).

 

		(c)	Without limiting any other provision in this Agreement,
if any Authorisation obtained in accordance with Clause 3.3(a) is revoked, withdrawn or expires (without having been renewed),
the Operations Consultancy Service Provider shall immediately:

 

		(i)	inform the Owner in writing of that revocation, withdrawal
or expiry, and the impact of that revocation, withdrawal or expiry on the Operations Consultancy Service Provider’s ability to
perform the Services; and

 

		(ii)	provide all required support assistance and coordination
to the Owner, in order to regain or renew that Authorisation.

 

		(d)	Any notice given by the Operations consultancy Service
Provider under this Clause 3.3 shall not affect the Operations Consultancy Service Provider’s obligations under this Agreement.

 

		3.4	Governmental Licences and Permits

 

The Operations Consultancy Service Provider shall review applicable
Laws having regard to the Services and:

 

		(a)	assist the Owner in securing and complying with any
Authorisations to be submitted by the Owner in relation to the management, operation and maintenance of the Facilities; and

 

    Page 11 of 48

     

    

 

		(b)	secure and comply with any Authorisations to be submitted
by the Owner in relation to the management, operation and maintenance of the Facilities.

 

		3.5	Personnel Standards

 

		(a)	The Operations Consultancy Service Provider shall provide,
employ directly and be fully responsible for all operating staff (except Owner employed personnel) as are required to perform
the Services pursuant to this Agreement, including Schedule 7 (List of Personnel to Be Mobilised by the Operations Consultancy
Service Provider).

 

		(b)	The Operations Consultancy Service Provider shall procure
that:

 

		(i)	there shall at all times be a sufficient number of staff
(including all relevant grades of supervisory staff) engaged in the provision of the Services with the requisite level of skill
and experience (to avoid doubt, this obligation shall include ensuring that there is sufficient staff to cover periods of holiday,
sickness, other absence; and

 

		(ii)	all staff receive such training and supervision as is
necessary to ensure the proper performance of this Agreement and compliance with all Health and Safety Laws, except for those
trainings that are expressly under the Owner’s scope.

 

		(c)	Where the Owner reasonably considers that the number
of staff engaged in the provision of the Services is insufficient, it may, by issuing a request in writing, require the Operations
Consultancy Service Provider to increase its number of staff accordingly subject to additional fees as agreed with the Operations
Consultancy Service Provider, except to the extent that the need for additional staff is required for the performance of the Operations
Consultancy Service Provider’s Services under the contract

 

		(d)	The working hours, rates of compensation and all other
matters relating to the employment of all individuals employed by the Operations Consultancy Service Provider for the performance
of the Services shall be determined solely by the Operations Consultancy Service Provider.

 

		(e)	The Operations Consultancy Service Provider shall retain
sole authority, control and responsibility with respect to its employment policy in connection with the performance of its obligations
hereunder.

 

		3.6	Operation Records and Reports -- Technical

 

		(a)	The Operations Consultancy Service Provider shall:

 

		(i)	prepare, maintain and keep separate, up-to-date records
relevant to the performance of its obligations under this Agreement;

 

		(ii)	maintain records relevant to the performance of its obligations under this Agreement in accordance
with generally accepted accounting principles applicable in the United Arab Emirates, Good Industry Practice and all relevant Laws;
and

 

		(iii)	maintain records (both hard copy and soft copy) required for regulatory agencies with
                                                                                                         jurisdiction over the Owner and / or the Operations Consultancy Service Provider.

 

    Page 12 of 48

     

    

 

		(b)	The Operations Consultancy Service Provider shall prepare
and maintain:

 

		(i)	daily operating logs, records and reports documenting
the management, operation and maintenance of the Facilities. Such operating data shall include, without limitation, information
known to the Operations Consultancy Service Provider in relation to the Facilities, actual operating problems occurring during
the Day and details of any other significant events related to the management, operation and maintenance
of the Facilities; and

 

		(ii)	records reasonably required by the Owner to verify the performance of the Services by the Operations
Consultancy Service Provider in accordance with the provisions of this Agreement (including relevant particulars of any aspects
of the Operations Consultancy Service Provider’s performance which fail to meet the requirements of this Agreement as well as particulars
of any failure by the Operations Consultancy Service Provider to achieve the Key Performance Indicators set out in Annex A of Schedule
1 (Scope of Services)).

 

		(c)	The Operations Consultancy Service Provider shall provide
to the Owner, on a monthly basis no later than the seventh (7th) Day of each Month, beginning in the second (2nd) Month following
the CDCO, a consolidated report addressing, for the previous Month and the Contract Year to date:

 

		(i)	the matters set forth in Clause 3.6(b);

 

		(ii)	the existence and status of any disputes;

 

		(iii)	a description of any Facilities defects, including a description of steps taken and to be taken in relation to the same;

 

		(iv)	a description of any accident or other occurrence at the Site that results in injury to persons or damage to property or environment;
and

 

		(v)	any other matters and details that the Owner may require from time to time.

 

		(d)	The Operations Consultancy Service Provider shall provide to the Owner, on an annual basis, no
later than:

 

		(i)	three (3) Months following the end of each Contract Year, the technical reports referred to in
Clause 3.6(a)(ii);

 

		(ii)	fourteen (14) Days following the end of each Contract Year, a consolidated report summarising the
prior monthly reports in respect of the previous Contract Year, as well as any other matters and details that the Owner may require.

 

		(e)	The Owner (or any person nominated by the Owner) may, at all reasonable times, conduct audits
                                                                                 as to the Operations Consultancy Service Provider, including audits as to metering, Claims and reimbursements.

 

		(f)	The Operations Consultancy Service Provider will make
available its personnel to the Owner, as may be reasonably requested by the Owner, to assist in explaining the records, data and
other information being audited pursuant to Clause 3.6(e).

 

		(g)	The Owner shall have the right to examine and / or
make copies of the records and data referred to above at any time upon reasonable notice.

 

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		(h)	With reference to all this Clause 3.6, the Operations Consultancy
Service Provider’s financial records, books and statements shall not be shared with any third parties unless required by the Owner
upon the request from a governmental authority. The Owner shall in that case provide a written request verifying the purpose to
which the records are needed.

 

		3.7	Operational Budget

 

		(a)	No later than six (6) Months after the Signing Date, the
Operations Consultancy Service Provider shall prepare and submit to the Owner for approval the Operational Budget for the first
two (2) Contract Years in a form approved by the Owner and in accordance with this Clause 3.7.

 

		(b)	No later than six (6) Months prior to the commencement
of:

 

		(i)	the second (2nd) Contract Year; and

 

		(ii)	each subsequent Contract Year,

 

the Operator shall prepare and submit to
the Owner for approval the Operational Budget for the next succeeding Contract Year in a form approved by the Owner and in accordance
with this Clause 3.7.

 

		(c)	Each Operational Budget shall:

 

		(i)	be prepared by the Operations Consultancy Service Provider
in accordance with Good Industry Practice, having regard to the operating requirements of the Facilities;

 

		(ii)	highlight details of any revision or changes which the
Operations Consultancy Service Provider proposes to be made to the Operational Budget for the immediately preceding Contract Year;

 

		(iii)	highlight details of the proposed Term Fee to be paid by
the Owner for the next succeeding Contract Year and

 

		(iv)	contain information
                                         regarding the operating costs to be incurred: (I) in performing the Services under this
                                         Agreement for the following Contract Year; and (II) in accordance with Good Industry
                                         Practice, having regard to the operating requirements of the Facilities, including but
                                         not limited to the following information (the “Operational Budget Information”)

 

		(1)	Term Fees;

 

		(2)	costs of the Owner’s procurement of insurances, as
per the costs provided by the Owner;

 

		(3)	estimated Costs applicable to annual maintenance contracts;

 

		(4)	estimated Costs for the supply of Spare Parts Inventory;

 

		(5)	estimated Costs for the procurement
and supply of electricity, potable water, nitrogen, diesel and all other utilities as required; and

 

		(6)	contingency Costs to cover any other maintenance activities.

 

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		(d)	The Operational Budget submitted pursuant to Clause 3.7(a)
or 3.7(b) (as the case may be) shall be accompanied by working papers and supporting information which clearly show the basis
of the information and data set out in the Operational Budget Information. In addition, the Operations Consultancy Service Provider
shall properly answer any question posed by the Owner regarding any item in the Operational Budget Information to which answers
are required from the Operations Consultancy Service Provider to enable proper interpretation by the Owner of the Operational
Budget Information as soon as reasonably practicable and in any event within five (5) Business Days of receipt of such question
posed by the Owner.

 

		(e)	The parties acknowledge and agree that:

 

		(i)	the Owner shall be entitled, at any time after the receipt
of the Operational Budget submitted pursuant to Clause 3.7(a) or 3.7(b) (as the case may be), to raise objections or make comments
in relation to any item (other than the Operations Consultancy Service Provider’s Term Fee) in the Operational Budget Information
for the Operational Budget for the next succeeding Contract Year and the Operations Consultancy Service Provider shall be required
to comply with or implement any amendments required by the Owner in its comments;

 

		(ii)	the Operations Consultancy Service Provider may, if it
disputes any such comment or objection made by the Owner under Clause 3.7(d)(i) above, refer the matter for determination in accordance
with Clause 21 provided always that notwithstanding any dispute made by the Operations Consultancy Service Provider under this
Clause 3.7(d)(ii), the Owner has the discretion to nevertheless require that the Operations Consultancy Service Provider, for
the purposes of the Operational Budget for the next succeeding Contract Year, comply with or implement both the undisputed and
disputed parts of any such Operational Budget pending determination of the dispute conducted pursuant to this Clause 3.7(d)(ii);
and

 

		(iii)	if the determination of such dispute shows that the Owner
is:

 

		(1)	entitled to raise objections or make comments under Clause
3.7(e)(i), the Operational Budget for the next succeeding Contract Year shall be the Operational Budget submitted by the Operations
Consultancy Service Provider pursuant to Clause 3.7(a) or 3.7(b) (as the case may be) which:

 

		a.	takes into account the Owner’s comments; and

 

		b.	complies with or implements any amendments required by
the Owner in its comments;

 

		(2)	not entitled to raise objections or make comments under Clause 3.7(e)(i), the Owner shall
                                                                                 withdraw its objections or comments which is the subject to the dispute and the Operational Budget submitted by the
                                                                                 Operations Consultancy Service Provider Pursuant to Clause 3.7(a) or 3.7(b) (as the case may be) shall be the
                                                                                 Operational Budget for the next succeeding Contract Year; or

 

		(3)	entitled to raise only part (and not all) of the objections
or make only part (and not all) of the comments under Clause 3.7(e)(i), the Operations Consultancy Service Provider shall follow
the procedure described in Clause 3.7(d)(iii)(1) with respect to such parts of the Owner’s objections or comments which
the Owner is entitled to raise or make (as the case may be) and the Owner shall, pursuant to Clause 3.7(d)(iii)(2), withdraw such
parts of its objections or comments which it is not entitled to raise or make (as the case may be).

 

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		(f)	In the event that Owner does not, within sixty (60) Business
Days after receiving the Operational Budget submitted pursuant to Clauses 3.7(a) or 3.7(b) (as the case may be), object or have
any comments on the Operational Budget in question, then any such Operational Budget shall be the relevant Operational Budget
for the next succeeding Contract Year.

 

		3.7A	Reimbursable Costs

 

		(a)	The Operations Consultancy Service Provider shall be responsible
for the operation and management of the Vendor Equipment and Machinery. including the following:

 

		(i)	the procurement and supply of all Vendor Equipment and
Machinery (including the inventory for such Vendor Equipment and Machinery);

 

		(ii)	managing the inventory for the Vendor Equipment and Machinery;

 

		(iii)	the maintenance of all Vendor Equipment and Machinery unless
any such maintenance of the Vendor Equipment and Machinery is carried out by a relevant Owner Vendor; and

 

		(iv)	ensuring that any repair, calibration, replacement and / or maintenance (as the case may be)
                                                                                of the Vendor Equipment and Machinery as necessitated by fair wear and tear shall be carried out by a relevant Owner
                                                                                Vendor,

 

Note: AED 2,000,000.00 shall be the limit
to which the Operator shall handle Reimbursable Costs per year. Owner shall reimburse the Operator for the same, based on the invoices
or supporting documents submitted by the Operator.

 

		(b)	All costs referred to in Clause 3.7A(a) shall receive the
prior written approval of the Owner before they are incurred by the Operations Consultancy Service Provider, except for urgent
items, in respect of which the Owner shall be duly notified of such expense and transaction.

 

		(c)	The Operations Consultancy Service Provider shall, as part
of the Operational Budget prepared in accordance with Clause 3.7, include details of the budgeted costs of the:

 

		(i)	Vendor Equipment and Machinery (including the inventory
for such Vendor Equipment and Machinery);

 

		(ii)	the repair, replacement and / or maintenance (as the case
may be) of any Vendor Equipment and Machinery carried out by a relevant Owner Vendor;

 

		(iii)	the calibration of any Vendor Equipment and Machinery carried
out by a relevant Owner Vendor outside of the United Arab Emirates;

 

as may be required by the Operations Consultancy Service
Provider in the provision of the Services (“Reimbursable Costs”) provided that, for the avoidance of
doubt, any such Reimbursable Costs shall not include the cost of carrying out any Vendor Equipment and Machinery Works.

 

		(d)	The Owner shall be responsible for the procurement and
supply of electricity, potable water, nitrogen, diesel and all utilities as may be required by the Operations Consultancy Service
Provider in the provision of the Services and all related costs shall be handled by the Owner directly.

 

    Page 16 of 48

     

    

 

		(e)	Subject to Clause 3.7A a, all Reimbursable Costs incurred
by the Operations Consultancy Service Provider shall be payable by the Owner.

 

		(f)	The Operations Consultancy Service Provider shall not be
entitled to Reimbursable Costs to the extent such costs are not supported by invoices and other information as may reasonably
be required by the Owner to verify the Reimbursable Costs claimed.

 

		3.8	Sub-Contracting

 

		(a)	The Operations Consultancy Service Provider may procure
the performance of specific parts, but not the whole, of the Services from Sub-Contractors of sound financial standing and suitable
technical ability and competence subject to the prior written approval of the Owner and provided that such appointment shall not
relieve the Operations Consultancy Service Provider of any of its obligations under this Agreement, including the responsibility
for ensuring that the Services meet the requirements of this Agreement. The Operations Consultancy Service Provider shall remain
primarily and directly liable for the Operations Consultancy Service Provider’s obligations under this Agreement.

 

		(b)	The Operations Consultancy Service Provider shall not terminate
or agree to the termination of the engagement and / or employment of (or the replacement of) any Sub-Contractor without the prior
written approval of the Owner which shall not be unreasonably withheld.

 

		3.9	Emergency Action

 

In case of an Emergency, the Operations Consultancy Service
Provider shall promptly and concurrently:

 

		(a)	notify the Owner; and

 

		(b)	take any action required to prevent damage, injury or loss
of the Facilities or to persons at or near the Site.

 

		3.10	Supply of Parts and Facilities Inventory

 

		(a)	Other than as expressly set forth in Clause 3.7A(c), the
Operations Consultancy Service Provider shall be responsible for the procurement and supply of all materials, equipment, supplies
(including chemicals), consumables and other items necessary for the due performance of the Services on a reimbursable basis in
accordance to Clause 3.7A.

 

		(b)	The Operations Consultancy Service Provider shall ensure
that the Services are performed:

 

		(i)	using only new materials, equipment, supplies, consumables
and spare parts (unless the Owner agrees otherwise in writing); and

 

		(ii)	using suitable materials, equipment, supplies, consumables
and spare parts of good and merchantable quality.

 

		(c)	The Operations Consultancy Service Provider may withdraw
and use any of the tools, spare parts, components and materials, but shall forthwith thereafter replace tools on Reimbursable
Basis as per the clause 3.7A.

 

    Page 17 of 48

     

    

 

		(d)	Spare parts, components, consumables and materials shall
be procured and replaced by the Owner upon the request from the Operations Consultancy Service Provider. The Operations Consultancy
Service Provider shall bear all out-of-pocket costs and expenses associated with the procurement and supply of all materials,
equipment, supplies, consumables and other items required to be supplied by the Operations Consultancy Service Provider and for
purposes of performing its obligations under this Agreement.

 

		(e)	Title to all materials, equipment, supplies, consumables
and other items purchased or obtained by the Operations Consultancy Service Provider during the performance of the Services shall
pass to and vest in the Owner.

 

		(f)	The Operations Consultancy Service Provider warrants good
title to all materials, equipment, supplies, consumables and other items supplied by the Operations Consultancy Service Provider
that become part of the Facilities. The Operations Consultancy Service Provider further warrants that title to and ownership of
the materials, equipment, supplies, consumables and other items shall pass to and vest in the Owner as described in Clause 3.10(e)
free and clear of all Liens, Claims, charges, security interests, encumbrances and rights of other persons.

 

		3.11	Documents and Data

 

		(a)	All materials and documents (and any revisions, updates and amendments to them) prepared or
                                                                                 developed by the Operations Consultancy Service Provider or its employees, representatives or contractors in connection with
                                                                                 the Facilities or the performance of the Services in accordance with this Agreement, including all manuals, data, designs,
                                                                                 drawings, plans, specifications, reports and accounts, shall become the property of the Owner when prepared. All such
                                                                                 materials and documents (and any revisions, updates and amendments to them), together with any materials and documents
                                                                                 furnished to the Operations Consultancy Service Provider or to its contractors by the Owner, shall be delivered to the Owner
                                                                                 upon the expiry or earlier termination of this Agreement.

 

		(b)	The Owner’s approval of materials and documents submitted
by the Operations Consultancy Service Provider shall not relieve the Operations Consultancy Service Provider of its responsibility
to perform its obligations under this Agreement.

 

		(c)	A third party review and certification, of the documents
may be arranged by the Operations Consultancy Service Provider, if requested by the Owner, and the cost for which shall be borne
by the Owner.

 

		3.12	No Action

 

The Operations Consultancy Service Provider shall not,
without first receiving the written approval of the Owner, undertake any of the following actions:

 

		(a)	incur any financial indebtedness or create or grant any
encumbrance with respect to any of the assets or properties comprising the Facilities;

 

		(b)	sell, lease, pledge, mortgage, encumber, convey, make any
licence, transfer or dispose of the Facilities or any part thereof, or any property or assets of the Owner;

 

		(c)	create or cause any Lien with respect to any the assets
or properties comprising the Facilities;

 

    Page 18 of 48

     

    

 

		(d)	bind the Owner as a surety or grant guarantees or incur
similar liabilities on behalf of any third parties (including any End-User);

 

		(e)	settle, compromise, assign, pledge, transfer, release or consent to the compromise, assignment,
pledge, transfer or release of, any claim, suit, debt, demand or judgment against or due by, the Owner or the Operations Consultancy
Service Provider arising from or in connection with the Services, or submit any such claim, dispute or controversy to arbitration
or judicial process, or stipulate in respect thereof to a judgment, or consent to the same;

 

		(f)	engage in any transaction on behalf of the Owner or any other Owner Related Party unless otherwise
expressly provided in this Agreement; or

 

		(g)	dissolve, close, strike and/or cancel its commercial or business license.

 

		3.13	Notices, Access and Monitoring Rights

 

		(a)	The Operations Consultancy Service Provider shall:

 

		(i)	notify the Owner, promptly upon becoming aware thereof,
of the occurrence of any act or condition materially affecting the Operations Consultancy Service Provider’s ability to perform
its obligations under this Agreement; and

 

		(ii)	if so required by the Owner, take all necessary measures
so as to minimise the impact of any such act or condition until such time as the Operations Consultancy Service Provider notifies
the Owner that any such act or condition has ceased or no longer affects the Operations Consultancy Service Provider’s ability
to perform its obligations under this Agreement.

 

		(b)	Without prejudice to
Clause 7.2, the Operations
Consultancy Service Provider shall, from the CDCO, provide access at all times to such parts of the Facilities and the Site so
as to allow:

 

		(i)	the Owner, the Owner’s Related Parties, any End-User
or potential End-User and the EPC Contractor (as the case may be) during normal business hours to monitor the Operations Consultancy
Service Provider’s performance in order to determine whether the Facilities are being operated and maintained in accordance with
the terms of this Agreement; or

 

		(ii)	the Owner Vendors to perform the repair, replacement,
maintenance and / or calibration works in relation to the Vendor Equipment and Machinery.

 

		(c)	Nothing in this Clause 3.13 shall limit or restrict
the Owner’s right of access:

 

		(i)	at any time in the case
of an Emergency to such parts of the Facilities and / or the Site; or

 

		(ii)	over the Site and / or to the Facilities as the Owner
may require in order for it to carry out any work necessary to comply with the Owner’s obligations:

 

		(1)	under this Agreement; or

 

		(2)	as owner of the Facilities.

 

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		3.14	Hazardous Materials

 

		(a)	The Operations Consultancy Service Provider shall not
bring in, keep or maintain any Hazardous Materials in the Facilities without the prior written consent of the Owner and except:

 

		(i)	where stored in containers and in quantities normally
associated with the management, operation and maintenance of an underground storage facility such as the Facilities;

 

		(ii)	as normally and customarily used or required to be used in connection with the management operation
and maintenance of an underground storage facility such as the Facilities; or

 

		(iii)	for routine maintenance or cleaning.

 

		(b)	In all such instances where the Operations Consultancy Service Provider is permitted to keep or
maintain any Hazardous Materials in the Facilities pursuant to this Clause 3.14, each Hazardous Material shall be handled, stored,
treated, used or disposed of in compliance with all applicable Laws and in accordance with Good Industry Practice.

 

		(c)	The Operations Consultancy Service Provider shall comply with its obligations under this Clause
3.14 in accordance with all Environmental Laws and the terms and conditions of all Authorisations applicable thereto and shall
use all practicable and reasonable means to prevent any environmental Claims arising or any circumstances arising likely to result
in any environmental Claims.

 

		(d)	The Operations Consultancy Service Provider shall notify the Owner immediately upon becoming aware
of the same, if there arises any Claim under any Environmental Law which is current or, to the Operations Consultancy Service Provider’s
knowledge, pending or threatened against the Operations Consultancy Service Provider or the Owner, and that will have an adverse
effect on the ability of the Operations Consultancy Service Provider to perform its obligations under this Agreement.

 

		(e)	The Operations Consultancy Service Provider shall, to the best of its knowledge and belief (having
made all reasonable enquiries), immediately upon becoming aware of the same, notify the Owner of any act, omission, event or circumstance
which could form the basis of any Claim against it under any Environmental Law and that will have an adverse effect on the ability
of the Operations Consultancy Service Provider to perform its obligations under this Agreement

 

		3.15	Cost of Performance in Excess of Fee

 

In the
event that the actual Cost of performing the Services under this Agreement exceeds the amount of the Term Fee payable in Clause
5 (such excess cost, the “Excess Cost”), then the Operations Consultancy
Service Provider shall:

 

		(a)	be solely responsible to fund any such Excess Cost
incurred;

 

		(b)	other than its rights to claim adjustments to the Term
Fee as expressly set forth in this Agreement, have no Claims against the Owner for any Excess Cost (and waives irrevocably any
such Claim); and

 

		(c)	not be relieved of any of its obligations hereunder
as a result of the existence of Excess Cost.

 

    Page 20 of 48

     

    

 

		3.16	Not used

 

		3.17	End-User Agreements

 

		(a)	The Owner shall provide the details of any Proposed
End-User Agreements which it intends to enter into to the Operations Consultancy Service Provider to review in advance. Within
seven (7) days of receiving the Proposed End-User Agreement, the Operations Consultancy Service Provider shall review the same
and provide their confirmation. In the event of the Proposed End-User Agreement materially not being in line with the Terminal’s
Operations & Control Philosophy form set out in Schedule 3, the Operations Consultancy Service Provider shall highlight the
same to the Owner. In the event of any obligations therein demands Additional Services, such shall be considered subject to the
agreement with the Owner.

 

		(b)	The Operations Consultancy Service Provider shall be responsible for managing and administering
the interfaces between the End-Users and the Owner and the Operations Consultancy Service Provider shall, from the Signing Date,
perform and assume as part of its obligations under this Agreement the Owner’s obligations under the End-User Agreements and the
Owners’ risk and liabilities under the End-User Agreements as if, the same were expressly referred to herein as obligations, risks
and liabilities of the Operations Consultancy Service Provider.

 

		(c)	The Operations Consultancy Service Provider acknowledges that it is (and the Operations Consultancy
Service Provider shall be deemed to be) fully aware of the terms and conditions of the End-User Agreements, including the obligations
and liabilities of the Owner under them and shall not be entitled to make any Claim against the Owner of any nature whatsoever
in connection with this Clause 3.17. The Operations Consultancy Service Provider acknowledges that such obligations and liabilities
are (and such obligations and liabilities are deemed to be) within the contemplation of the Operations Consultancy Service Provider
and that if the Operations Consultancy Service Provider is in breach of this Agreement, such breach is likely to result in among
other things, a liability of the Owner under the End-User Agreements.

 

		(d)	The Operations Consultancy Service Provider shall perform its obligations under this Agreement
so that no act, omission, neglect or default on its part shall:

 

		(i)	constitute, cause or contribute to any breach by the Owner of any of its obligations under any
of the End-User Agreements or give rise to any liability of the Owner to any of the End-Users; or

 

		(ii)	lead to any diminution or loss of any rights, entitlements or other benefits of the Owner or any
of the End-User Agreements.

 

		(e)	In the event that:

 

		(i)	any
End-User makes any Claim against the Owner under an End-User Agreement (whether pursuant to an indemnity or otherwise) and the;
Owner states that any such Claim arises directly or indirectly out of an act or omission on the part of the Operations Consultancy
Service Provider or is otherwise the responsibility of the Operations Consultancy Service Provider, the Operations Consultancy
Service Provider acknowledges and agrees that for purposes of the settlement or resolution of any such Claim, the Owner shall
be entitled, by notice to the Operations Consultancy Service Provider, to require that the Operations Consultancy Service Provider
be joined as a party to any dispute between the Owner and any such End-User (as applicable); and

 

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		(ii)	the Owner is liable to make a payment to such an End-User
as a result of the Claim (including any Claim for any loss suffered by such End User) and the grounds for the Claim are attributable
to a breach by the Operations Consultancy Service Provider of the terms of this Agreement.

 

		(f)	The Owner shall use reasonable endeavours to consult
with the Operations Consultancy Service Provider when negotiating the terms of a Proposed End User Agreement.

 

		3.18	Condition of Site and Facilities

 

		(a)	Except as expressly provided in this Clause 3.17, on
and CDCO, the condition of the Facilities shall be the sole responsibility of the Operations Consultancy Service Provider. Accordingly
(without prejudice to any other obligation of the Operations Consultancy Service Provider under this Agreement), the Operations
Consultancy Service Provider shall be deemed to have, prior to the commencement of CDCO, taken such steps as it may consider appropriate
to verify that as at the commencement of CDCO, the Facilities (or such part thereof) are in a good, sound, clean and staunch condition.

 

		(b)	Except as expressly provided in this Clause 3.17(f)3.17, the Operations Consultancy Service Provider
shall not be entitled to any Claim, or other relief hereunder in relation to the content, design, method of manufacture, erection
or commissioning of, or source of, the Facilities or any part thereof, as at the commencement of CDCO (excepting events and circumstances
that give rise to an Owner right to bring warranty claims against the EPC Contractor under the EPC Contract and that impact materially
on the performance of the Services).

 

		(c)	Prior to the expiry of the Defects Liability Period, the Operations Consultancy Service Provider
and the Owner shall jointly undertake an inspection to identify any Construction Defects.

 

		(d)	The Operations Consultancy Service Provider shall promptly notify the Owner of all defects discovered
in the Facilities or any part thereof during the Term.

 

		(e)	If a notice is received under Clause 3.17(e), the Owner shall determine whether the defect is a
Construction Defect and notify the Operations Consultancy Service Provider accordingly. For the avoidance of doubt, the onus of
proving that the defect is a Construction Defect shall be on the Operations Consultancy Service Provider.

 

		(f)	If the Owner determines
under Clause 3.17(e) that a defect is a Construction Defect, to the extent that the existence of the Construction Defect has a
material adverse effect on the performance of the Services under the Agreement, the Owner shall carry out such works as may be
needed to remedy the relevant Construction Defect, including, at the option of the Owner:

 

		(i)	issuing the Owner’s instruction in relation to an Additional
Service for the Operations Consultancy Service Provider to remedy the relevant Construction Defect in accordance with the provisions
of Clause 18.2. ;

 

    Page 22 of 48

     

    

 

		(ii)	using its own
                                         resources, contractors, agents or Owner Related Party (“Owner’s Remedial Works Contractor”) to carry out the
                                         remedial works in respect of the Construction Defect, including, for the avoidance of
                                         doubt, the option of the Owner to engage the EPC Contractor to carry out such remedial
                                         works during the Defects Liability Period, in which case the Operations Consultancy Service
                                         Provider shall:

 

		(1)	provide unrestricted access and all reasonable assistance
to the Owner, the Owner’s Remedial Works Contractor and / or the EPC Contractor (as the case may be) to the Site and / or the
Facilities for the performance of the remedial works;

 

		(2)	use all reasonable endeavours to ensure that it does not hinder or impede the remedial works carried
out by the Owner, the Owner’s Remedial Works Contractor and / or the EPC Contractor (as the case may be); and

 

		(3)	to the extent that the carrying out of such remedial works directly causes the Operations Consultancy
Service Provider to be unable to perform any part of the Services, be entitled to relief from its obligation to perform such part
of the Services under this Agreement.

 

		(g)	If the Owner
                                         determines under Clause 3.17(e) that a defect is not a Construction Defect (“Non-Construction
                                         Defect”), the Operations Consultancy Service Provider shall promptly carry
                                         out such works as may be needed to remedy the relevant Non-Construction Defect within
                                         a reasonable period taking into account the nature of the works. For the avoidance of
                                         doubt, the cost of any such remedial works, shall be handled in accordance to Clause
                                         11.1 (b)

 

		(h)	Nothing contained in this Clause 3.17 shall restrict the ability of the parties to refer any matter
set out in this Clause 3.17 for determination in accordance with Clause 19, including, for the avoidance of doubt, the ability
of the Operations Consultancy Service Provider to refer the issue of whether a Construction Defect has occurred for determination
in which case, the Operations Consultancy Service Provider acknowledges and agrees that the onus shall be on the Operations Consultancy
Service Provider to prove that the defect so occurred is a Construction Defect.

 

		3.19	General Operations Consultancy Service Provider Covenants

 

The Operations
Consultancy Service Provider undertakes that during the Term, the Operations Consultancy Service Provider shall inform the Owner,
promptly upon the Operations Consultancy Service Provider becoming aware of:

 

		(a)	any pending or threatened, action, suit, investigation,
arbitration or other proceeding that could impair the ability of the Operations Consultancy Service Provider to perform the Services
under this Agreement;

 

		(b)	writs, judgments, injunctions, decrees or similar orders
of any Governmental Authority outstanding against the Operations Consultancy Service Provider which would adversely affect its
occupancy, use, operation or maintenance of the Facilities;

 

		(c)	any notice of any violation or potential violation
of any Law received by the Operations Consultancy Service Provider pertaining to or affecting or that would adversely affect its
occupancy, use and operation of the Facilities;

 

		(d)	any notice of any adverse Claim by any person in respect
of the ownership by the Facilities or any interest in the Facilities; or

 

		(e)	any circumstance that results or will result in the Operations Consultancy Service Provider
                                                                                 being unable to perform the Service in accordance with the terms of this Agreement (with a view
                                                                                 that the parties may then discuss the appropriate measures which may be taken to minimise or prevent such
                                                                                 circumstance).

 

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		4.	General
                                         Responsibilities Of The Owner

 

		4.1	Information

 

The Owner shall furnish
or, where applicable arrange for others to supply to the Operations Consultancy Service Provider:

 

		(a)	Not Used

 

		(b)	any and all directions, notices and other communications
which the Owner may from time to time receive from any Governmental Authority which are relevant to the performance of the Services
or which relate to any Authorisations.

 

The
Operations Consultancy Service Provider shall fulfil the obligations arising from any information, directions, notices and other
communications to be furnished by the Owner under this Clause 4.1.

 

Without
prejudice to Clauses 3.2 and 3.3, in the event and only to the extent that such information, directions, notices and other communications,
provided by the Owner to the Operations Consultancy Service Provider after the Signing Date, impose on the Operations Consultancy
Service Provider any new obligations or modify any existing obligations of the Operations Consultancy Service Provider under this
Agreement and provided that:

 

		(c)	the additional or modified obligations:

 

		(i)	are due to reasons beyond the reasonable control of the
Operations Consultancy Service Provider; and

 

		(ii)	were not reasonably foreseeable at the Signing Date by
an experienced operator performing services similar to the Services;

 

		(d)	such additional or modified obligations have directly caused
a material increase in the actual Cost of and time for performing the Services; and

 

		(e)	the Operations Consultancy Service Provider uses its best
endeavours to mitigate such increase in the actual Cost of or time for performing the Services,

 

the
Parties shall review the terms and conditions of this Agreement expeditiously and in good faith to agree on the scope of the Additional
Services (if any) to be provided by the Operations Consultancy Service Provider.

 

		4.2	Access to Site and Facilities

 

On and from the CDCO (or such later time as
the Owner may, in its discretion, notify the Operations Consultancy Service Provider), the Owner shall afford to
the Operations Consultancy Service Provider non-exclusive access to the Site and the Facilities free of charge. Such access
and possession shall be afforded on a fully revocable licence basis.

 

		4.3	Owner Taxes

 

The Owner shall be responsible for the payment of corporation taxes levied on the Owner itself.

 

    Page 24 of 48

     

    

 

		5.	Not
                                         Used

 

		6.	Payment

 

		6.1	Invoices for Payment

 

		(a)	Amounts properly due and payable under this Agreement to
the Operations Consultancy Service Provider shall be paid within 14 days from the date of Operations Consultancy Service Provider’s
invoice.

 

		(b)	The Owner shall not withhold payment of any fee properly
due to the Operator without giving the Operator a notice of his intention to withhold payment, with reasons, no later than ten
(10) days prior to the date on which the fee payment becomes due. If such notice of an intention to withhold payment is not given
to the Operator, then the Operator shall have the right to obtain the payment.

 

		6.2	Manner of Payment

 

Unless
otherwise agreed to by the parties, all payments under this Agreement shall be made in United Arab Emirates Dirhams by electronic
transfer of funds for value on the day in question to the bank account of the recipient (located in the United Arab Emirates) specified
in the relevant invoice, quoting the invoice number against which payment is made.

 

		6.3	Set-Off

 

No
provision of this Agreement shall operate to exclude or restrict any right available to the Owner to make set-off against, withholding
from or abatement against any sums due from the Owner to the Operator under this Agreement to the extent recoverable under this
Agreement. Withholding of payment by the Owner shall subject to the condition specified under Clause 6.1 (b).

 

    Page 25 of 48

     

    

 

		7.	Key Performance Indicators

 

		7.1	General Obligations

 

		(a)	Without prejudice to Clause 3.2, Annex A of Schedule 1
(Scope of Services) sets out a description of the standards required for performance of the
Services by the Operations Consultancy Service Provider on and from the commencement of the second (2nd) Contract Year.

 

		(b)	On and from the second (2nd) Contract Year until
the Expiry Date, in addition to the standards for performance of the Services set out in Clause 3.2 and the other requirements
set out in this Agreement, the Operations Consultancy Service Provider shall provide the Services in such a manner that ensures
that the Key Performance Indicators are achieved.

 

		7.2	Owner – Technical Audit and Monitoring

 

Notwithstanding Clause 3.12, upon completion of the
first (1st) Year
of Operations, the Owner may (acting reasonably) carry out technical audits of the standards of performance of the Services by
the Operations Consultancy Service Provider at regular intervals and may undertake its own periodic performance monitoring and
spot checks in order to determine the Key Performance Indicators which shall be achieved by the Operations Consultancy Service
Provider in the provision of the Services on and from the second (2nd) Contract Year until the Expiry Date. The Operations
Consultancy Service Provider shall assist the Owner in carrying out such technical audits, spot checks and monitoring, and where
requested by the Owner, the Operations Consultancy Service Provider shall procure that any relevant Sub-Contractor also provides
such assistance to the Owner. The Operations Consultancy Service Provider shall co-operate and shall procure that any relevant
Sub-Contractor co-operates with the Owner including providing the Owner with all the technical information and documentation which
it reasonably requires in connection with its right under this Clause 7.2.

 

		7.3	Benchmarking of Key Performance Indicators

 

		(a)	Upon completion of the first (1st)
Year from the date of commencement of Operations, the Owner shall undertake a benchmarking exercise to determine the Key Performance
Indicators to be achieved by the Operations Consultancy Service Provider in the provision of the Services and the Performance
Points allocated for the achievement/failure to achieve each Key Performance Indicator (“Benchmarking
Exercise”). The Operations Consultancy Service Provider shall assist the Owner in the Benchmarking Exercise, including
providing relevant information in relation to the operation of similar facilities by the Operations Consultancy Service Provider.

 

		(b)	Thereafter, the Owner shall again undertake a Benchmarking
Exercise, at reasonable intervals to be agreed with the Operations Consultancy Service Provider (or if no agreement can be reached,
the Owner shall be entitled to undertake a Benchmarking Exercise at three (3) yearly intervals
throughout the Term). The operations Consultancy Service Provider shall assist the Owner in the Benchmarking Exercise

 

		(c)	The purpose of the Benchmarking Exercise shall be to determine
the level of Key Performance Indicators to be imposed on the Operations Consultancy Service Provider in the performance of the
Services under this Agreement and the Performance Points allocated for the achievement/failure to achieve each Key Performance
Indicator.

 

    Page 26 of 48

     

    

 

		(d)	The Benchmarking Exercise shall be carried out by comparing
the standards of performances, specifications and scope of the Services carried out by the Operations Consultancy Service Provider
with the best practices adopted by financially reputable and sound operators performing similar terminalling and storage services,
including underground and above-ground terminalling and storage services.

 

		(e)	For the avoidance of doubt, the Owner in its sole discretion
shall determine the results of the Benchmarking Exercise.

 

		(f)	The Owner shall promptly make the results of the Benchmarking
Exercise available to the Operations Consultancy Service Provider along with any consequent adjustments (if any) to Schedule 1
(Scope of Services) (in particular, the Measures, Targets and/or Performance Points (as set out in Annex A of Schedule 1 (Scope
of Services)) required to reflect the Key Performance Indicators to be imposed on the Operations Consultancy Service Provider
in the performance of the Services.

 

		7.4	Failure
                                         to achieve the key performance indicators

 

		(a)	Within five (5) Business Days of receipt of notice from
the Owner that the Operations Consultancy Service Provider has failed to achieve a Key Performance Indicator within any Contract
Year, the Operations Consultancy Service Provider shall prepare a plan which details the remedial action that the Operations Consultancy
Service Provider will take to ensure that there is not a further failure to achieve the relevant Key Performance Indicator.

 

		(b)	Within fourteen (14) Business Days of receipt of notice
from the Owner that the Operations Consultancy Service Provider has failed to achieve the Key Performance Indicator as referred
to in Clause 7.4(a), the Operations Consultancy Service Provider shall have undertaken such remedial action as is necessary to
ensure that the Key Performance Indicator is not breached again.

 

		8.	Option
                                         to Review and Option to Extend

 

		8.1	No later than three
                                         (3) Months prior to the end of the second (2nd) Contract Year, the Owner may:

 

		(a)	meet with the Operations Consultancy Service Provider to
review; and

 

		(b)	upon agreement by the parties, amend,

 

the
Agreement in order to take into account changes to market conditions that significantly affect the parties’ rights and obligations
under the Agreement, to the extent that the effect on those rights and obligations cannot, in the opinion of the Owner, be dealt
with by the Additional Services procedure set out in Clause 18.2.

 

		8.2	If, at any time during the Term, the Owner decides to proceed
with the further development of the Facilities, prior to the commercial operation of the Facilities, the Owner may (but shall
not be obliged to do so) grant the Operations Consultancy Service Provider the option from the Operations Consultancy Service
Provider to provide the operation services in respect of the expanded Facilities, upon substantially the same terms and conditions
as contained in this Agreement and at a fee to be agreed between the Owner and the Operations Consultancy Service Provider. For
the avoidance of doubt, nothing in this Clause 8.2 amounts to an obligation on the part of the Owner to proceed with the further
development of the Facilities.

 

    Page 27 of 48

     

    

 

		9.	Representations,
                                         Warranties and Covenants

 

		9.1	As at the Signing Date, the Operations Consultancy Service
Provider represents and warrants to the Owner (and shall promptly notify the Owner in writing if any of the representations and
warranties given by it ceases to be true in any material respect) that:

 

		(a)	Power and Authority

 

		(i)	The Operations Consultancy Service Provider is duly organised,
validly existing and in good standing under the Laws of the United Arab Emirates and has the right, power and authority to enter
into this Agreement and to perform its obligations hereunder.

 

		(ii)	The execution of, delivery of and performance under this
Agreement by the Operations Consultancy Service Provider have been duly authorised by all necessary corporate action of the Operations
Consultancy Service Provider, and this Agreement constitutes the valid, binding and enforceable obligation of the Operations Consultancy
Service Provider.

 

		(iii)	Every Authorisation of any Governmental Authority or third
party required with respect to the Operations Consultancy Service Provider in connection with its execution and delivery of, and
performance of its obligations under, this Agreement has been obtained, other than those that are not required at the time this
representation is made or deemed to be repeated.

 

		(b)	No Conflict

 

The
execution and delivery of this Agreement by the Operations Consultancy Service Provider, and the performance by the Operations
Consultancy Service Provider of its obligations under this Agreement do not and will not in any material respect violate, conflict
with or result in a breach of any decree, memorandum and/or articles of incorporation, charter, by-law or Law, to which
the Operations Consultancy Service Provider is a party or by which the Operations Consultancy Service Provider or any of its properties
are bound, such that the Operations Consultancy Service Provider’s ability to perform the Services would be materially impaired.

 

		(c)	No Litigation

 

There is no suit,
action or proceeding now pending or (to the best of the Operations Consultancy Service Provider’s knowledge)
threatened against the Operations Consultancy Service Provider before any court or administrative body or tribunal that could
reasonably be expected to affect the ability of the Operations Consultancy Service Provider to perform its obligations under
this Agreement.

 

		(d)	Skills

 

The Operations Consultancy
Service Provider, its employees, agents and independent contractors and the Sub-Contractors at all times are duly licensed at
Law (where required) and shall be skilled, qualified and experienced to exercise all due care and diligence in the
performance of its obligations under this Agreement.

 

		(e)	No reliance

 

		(i)	The Operations Consultancy Service Provider has relied
solely on its own investigations, enquiries and calculations in respect of:

 

		(1)	the Owner’s requirements for this Agreement; and

 

    Page 28 of 48

     

    

 

		(2)	the accuracy of any information provided by the Owner or
the Owner’s other contractors.

 

		(ii)	In entering into this Agreement, the Operations Consultancy
Service Provider acknowledges and agrees that the Owner has not made any representation, given any advice or given any warranty
or undertaking of any kind in respect of any matter relevant to the Operations Consultancy Service Provider’s decision to enter
into this Agreement.

 

		(f)	Laws and Business Practices

 

The
Operations Consultancy Service Provider has knowledge of all of the Laws and business practices that must be followed in performing
the Services and the Services will be in conformity with such requirements and practices and in compliance with all Laws and applicable
Authorisations.

 

		(g)	Financial Solvency

 

The
Operations Consultancy Service Provider is financially solvent, able to pay its debts as they mature, and possessed of sufficient
working capital to complete its obligations under this Agreement.

 

		(h)	Operations Consultancy Service Provider’s Abilities

 

The
Operations Consultancy Service Provider is able to furnish the stocks, tools, materials, supplies, equipment, labour and Services
needed for the operation of the Facilities, and is competent to perform the Services.

 

		(i)	EPC Contract and other Contracts with the Owner’s Related
Parties

 

The
Operations Consultancy Service Provider is fully familiar with the terms and conditions of the EPC Contract and the contracts between
the Owner and the Owner’s Related Parties in relation to the Facilities, specifically with respect to the technical requirements
set forth therein, and the process for transferring the Facilities from the control of the EPC Contractor or the relevant Owner
Related Party (as the case may be) to the Owner’s control, and there are no terms and conditions contained in such contract that
will hinder or obstruct the Operations Consultancy Service Provider’s ability to perform its obligations under this Agreement.
The Operations Consultancy Service Provider shall be deemed to assume control of the Facilities on and from such time as control
of the Facilities is transferred from EPC Contractor or the relevant Owner Related Party (as the case may be) to the Owner. However,
all liabilities of the EPC Contract such as the Patent Liability and Latent Liability shall survive and exist, irrespective of
the engagement of the Operations Consultancy Service Provider.

 

		(j)	Operations Consultancy Service Provider’s Intellectual
Property

 

The Operations Consultancy
Service Provider owns, has obtained licences to use, or will own or will obtain licences to use, at the relevant time, all
Intellectual Property Rights and Proprietary Information necessary to perform the Services and to carry on its business as
presently conducted and presently planned to be conducted and that the performance of the Services by Operations Consultancy
Service Provider under this Agreement will not infringe or conflict with any other person’s Intellectual Property
Rights. The Operations Consultancy Service Provider further has the right to use all Intellectual Property Rights and
Proprietary Information first discovered or developed by the Operations Consultancy Service Provider during the course of
performing its obligations under this Agreement.

 

    Page 29 of 48

     

    
 

		(k)	Site and Conditions

 

The
Operations Consultancy Service Provider has ascertained and fully understood, and assumes all the risks associated with each of
the following:

 

		(i)	the nature and location
of the Site;

 

 

		(ii)	the character and accessibility
of the Site and its surrounding areas, all ground, geotechnical, soil and subsurface conditions and structures (including artefacts)
in, above or under the Site; and

 

		(iii)	the availability of
lay-down areas for equipment and tools, the availability of facilities and utilities, the location and character of existing or
adjacent work or structures and the conditions of any roads in the vicinity of the Site.

 

		9.2	Continuing Representations
and Warranties

 

		(a)	The representations
and warranties in Clause 9.1 are deemed to be repeated by the Operations Consultancy Service Provider on the commencement of each
Contract Year until the expiry or earlier termination of this Agreement with reference to the facts and circumstances existing
at that time.

 

		(b)	The Operations Consultancy
Service Provider shall promptly notify the Owner in writing if any of the warranties or representations given by it in Clause
9.1 ceases to be true in any material aspect.

 

		10.	Owner’s Rights

 

		10.1	Site
                                         Security

 

		(a)	The Owner shall have the right to refuse admittance to, or order
the removal from, the Facilities, of any person employed by (or acting on behalf of) the Operations Consultancy Service Provider
whose presence, in the Owner’s opinion, is not a fit and proper person to be on the Facilities.

 

		(b)	Any action taken under Clause 10.1(a) shall forthwith be confirmed
in writing by the Owner to the Operations Consultancy Service Provider, and to avoid doubt, shall not relieve the Operations Consultancy
Service Provider of any of its obligations under this Agreement.

 

		(C)	The
decision of the Owner as to whether any person is to be refused admission shall be final and conclusive.

 

		11.	Insurances

 

		11.1	Owner
                                         Insurance

 

		(a)	The
                                         Owner shall, at its own cost, procure that the insurances, details of which are set out
                                         Schedule 4 (Insurance Requirements) (the “Owner Insurances”),
                                         are taken out prior to the commencement of the Initial Term, or as otherwise specified
                                         in Schedule 4 (Insurance Requirements), and are main for the periods specified in Schedule
                                         4 (Insurance Requirements).

 

		(b)	The Operations Consultancy Service Provider shall assist
                                                                                 in                                                                                  obtaining insurance quotations,
                                                                                 specifying the scope of coverage and limit of insurance in addition to required renewals as may be
                                                                                 needed from time to time

 

    Page 30 of 48

     

    

 

		(c)	The Owner shall ensure that the Owner Insurances procured
                                                                                                        shall cover all potential / operational / third party /  other risks and losses adequately; however the scope of the
                                                                                                        aforementioned coverage will be provided and advised to the Owner by the Operations Consultancy Service Provider and under
                                                                                                        its obligations. The Operations Consultancy Service Provider shall provide adequate and timely support.

 

		(d)	The Owner shall maintain all Insurances at all times.

 

		12.	Indemnification

 

		12.1	The Operations Consultancy
Service Provider shall indemnify, defend and hold harmless the Owner and Owner’s Related Parties including its Shareholders,
Board of Directors, Management and Staff from and against any and all Claims made against and Loss suffered by them, as follows:

 

		(a)	arising from loss
of or damage to real or personal property of any third party (including any End-User) or death of or injury to any third party
(including any End-User) that arises out of or is in any manner connected with the performance of the Services or this Agreement;

 

		(b)	under every applicable
Environmental Law arising out of the condition of the Site or the Operations Consultancy Service Provider’s operation of
the Facilities (including the discharge, release, storage, treatment, generation, pollutants or other toxic or hazardous substances
from the Facilities, the contamination of the soil, air, surface water or groundwater at or around the Site or any pollution,
abatement, replacement, removal or other decontamination or monitoring obligations) except to the extent where such Claim or Loss
arises out of the condition of the Site or Facilities (or part thereof) existing as at the CDCO;

 

		(c)	arising from the
Operations Consultancy Service Provider’s non-compliance with any Authorisation or any notice or direction of a Governmental
Authority;

 

		(d)	under any Law arising
out of the Operations Consultancy Service Provider’s management, operation, and maintenance of the Facilities;

 

		(e)	arising from the
breach of any third party’s Intellectual Property Rights (where provided by or on behalf of the Operations Consultancy Service
Provider);

 

		(f)	for any physical
loss of or damage to the Facilities or any assets or property of the Owner or any other of the Owner’s Related Party arising
by reason of any act or omission of the Operations Consultancy Service Provider;

 

		(g)	in the event that
any End-User asserts or exercises any right against the Owner under or in connection with the End-User Agreement in regard to
any matter in respect of which the Owner is entitled to assert a right against the Operations Consultancy Service Provider under
or in connection with this Agreement;

 

		(h)	arising out of the
Operations Consultancy Service Provider bring any action against third parties (including the End-Users); and

 

		(i)	for any demurrage
Claims.

 

except to the extent that
the Loss or Claim is attributable to the gross negligence or willful misconduct of, or breach of the Agreement by, the Owner or
any of the Owner’s Related Party.

 

    Page 31 of 48

     

    

 

		13.	Limitations On Liability

 

		(a)	Neither party shall be liable to the other party for any Indirect
Losses.

 

		(b)	The limitation in Clauses 13(a) does not apply in respect of
any gross negligence or willful breach of this Agreement on the part of the Operations Consultancy Service Provider.

 

		(c)	The limitation in Clause 13(a) does not apply in respect of any
Claim or Loss suffered by the Owner or any of the Owner’s Related Party in accordance with Clause 12.1(b).

 

		(d)	The parties agree that the waivers and disclaimers of liability,
indemnities, releases from liability, and limitations on liability expressed in this Agreement shall survive termination or expiry
of this Agreement, and shall apply at all times, whether in contract, equity, tort or otherwise, regardless of the fault, negligence
(in whole or in part), strict liability, breach of contract or breach of warranty of the party indemnified, released or whose liabilities
are limited, and shall extend to the partners, principals, directors, officers and employees, agents and related or affiliated
entities of such party, and their partners, principals, directors, officers, and employees.

 

		14.	Events
                                         Of Default And Default Termination

 

		14.1	Operations
                                         Consultancy Service Provider Events of Default

 

		(a)	Each
                                         and any one of the following events shall be an Operations Consultancy Service Provider
                                         event of default (“Operations Consultancy Service Provider Event of Default”):

 

		(i)	the Operations Consultancy Service Provider breaches any Law
which has an adverse and material effect on its ability to perform its obligations under this Agreement;

 

		(ii)	the Operations Consultancy Service Provider ceasing to provide
all or a substantial part of the Services to the Owner in accordance with this Agreement;

 

		(iii)	the Operations Consultancy Service Provider or any person employed
by it or acting on its behalf:

 

		(1)	has offered or given or agreed to give to any person,
any gift or consideration of any kind as an inducement or reward for doing or forbearing to do or for having done or forborne
to do any action in relation to the obtaining or execution of this Agreement, or for showing or forbearing to show favour or disfavour
to any person in relation to this Agreement; or

  

		(1)	shall have committed
any offence under the legislation governing bribery and anti-corruption which is applicable in the United Arab Emirates;

 

		(iv)	the Operations Consultancy
Service Provider uses the Facilities for a the Operations Consultancy Service Provider breaches Clause 25.1(a); A (purpose not
permitted under this Agreement;

 

		(v)	the
Operations Consultancy Service Provider breaches Clause 25.1(a);

 

		(vi)	the Operations Consultancy
Service Provider materially breaches or contravenes any provision of this Agreement;

 

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		(viii)	the Operations Consultancy Service Provider commits a breach
of its obligations under this Agreement which results in the criminal investigation, prosecution and conviction of the Operations
Consultancy Service Provider or the Owner under all applicable Health and Safety Laws;

 

		(ix)	the Operations Consultancy
Service Provider commits a breach of its obligations under this Agreement which results in, constitutes, causes or contributes
to a breach by the Owner of any of its obligations under any of the End-User Agreements or give rise to any liability of the Owner
to any of the End-Users; or

 

		(x)	the Operations Consultancy
Service Provider suffers an Insolvency Event.

 

		(b)	The Operations Consultancy
Service Provider shall notify the Owner of the occurrence, and details, of any Operations Consultancy Service Provider Event of
Default and of any event or circumstance which is likely, with the passage of time or otherwise, to constitute or give rise to
an Operations Consultancy Service Provider Event of Default, in either case promptly on the Operations Consultancy Service Provider
becoming aware of its occurrence.

 

		(c)	On the occurrence
of an Operations Consultancy Service Provider Event of Default, or within a reasonable time after the Operations Consultancy Service
Provider becomes aware of the same, and while the same is subsisting, the Owner may:

 

		(i)	in the case of Operations
Consultancy Service Provider Events of Default referred to in Clauses 14.1(a)(iii), 14.1(a)(iv), 14.1(a)(v), 14.1(a)(vi) and 14.1(a)(x),
terminate this Agreement with immediate effect and in its entirety by notice in writing to the Operations Consultancy Service
Provider; and

 

		(ii)	in
                                         all other cases, serve notice of default on the Operations Consultancy Service Provider
                                         requiring the Operations Consultancy Service Provider to remedy the Operations Consultancy
                                         Service Provider Event of Default referred to in such notice of default (if the same
                                         is continuing) within thirty (30) Business Days of such notice of default (“Operations
                                         Consultancy Service Provider’s Cure Period”).
                                         In the event that any such Operations Consultancy Service Provider Event of Default is
                                         not remedied before the expiry of the Operations Consultancy Service Provider’s
                                         Cure Period, the Owner may terminate this Agreement with immediate effect and in its
                                         entirety by written notice to the Operations Consultancy Service Provider.

 

		14.2	Owner
                                         Events of Default

  

		(a)	Each
                                         and any one of the following events shall be an Owner event of default (“Owner
                                         Event of Default”):

 

		(i)	the Owner breaches
any Law which has an adverse and material effect on its ability to perform its obligations under this Agreement

 

		(ii)	Not
used;

 

		(iii)	the Owner materially
breaches or contravenes any provision of this Agreement;

 

    Page 33 of 48

     

    

 

		(iv)	a breach of the Owner’s obligation to take all relevant Owner
Insurances provided that such breach was not caused by the Operations Consultancy Service Provider’s breach of its obligation to
provide the Owner with the needed support and scope of insurance type and coverage in a timely manner;

 

		(v)	the failure by the Owner to make any payment under this Agreement
forty five (45) Calendar Days after it has become due and payable; or

 

		(vi)	the Owner suffers an Insolvency Event;

 

		(b)	The Owner shall notify
the Operations Consultancy Service Provider of the occurrence, and details, of any Owner Event of Default and of any event or
circumstance which is likely, with the passage of time or otherwise, to constitute or give rise to an Owner Event of Default,
in either case promptly on the Owner becoming aware of its occurrence.

 

		(c)	On the occurrence of an Owner Event of Default, or within a reasonable
time after the Operations Consultancy Service Provider becomes aware of the same, and while the same is still subsisting, the Operations
Consultancy Service Provider may serve notice on the Owner of the occurrence (and specifying details) of such Owner Event of Default.
If the relevant matter or circumstance has not been rectified or remedied by the Owner (or otherwise) within thirty (30) Calendar
Days of such notice, the Operations Consultancy Service Provider may serve a further notice to the Owner terminating this Agreement
with immediate effect.

 

		(d)	On the occurrence of an Owner Event of Default, or within a reasonable
time after the Owner becomes aware of the same, and while the same is subsisting, the Operations Consultancy Service Provider may:

 

		(i)	in the case of Owner
Events of Default referred to in Clause 14.2(vi), terminate this Agreement with immediate effect and in its entirety by notice
in writing to the Owner; and

 

		(ii)	in
                                         all other cases, serve notice of default on the Owner requiring the Owner to remedy the
                                         Owner Event of Default referred to in such notice of default (if the same is continuing)
                                         within thirty (30) Business Days of such notice of default (“Owner’s Cure
                                         Period”). In the event that any such Owner
                                         Event of Default is not remedied before the expiry of the Owner’s Cure Period, the Operations
                                         Consultancy Service Provider may terminate this Agreement with immediate effect and in
                                         its entirety by written notice to the Owner.

 

		(e)	The
Operations Consultancy Service Provider shall not exercise or, purport to exercise any right to terminate this Agreement (or accept
any repudiation of this Agreement) except as expressly set out in this
Agreement.

 

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		15.	Non
                                         Default Termination And Extension

 

		15.1	Force Majeure

 

Either
the Owner or the Operations Consultancy Service Provider may terminate this Agreement by notice (“Force Majeure Termination
Notice”) where an event of Force Majeure prevents the performance by the Affected Party
of any of the Affected Party’s obligations under this Agreement for a continuous period of nine (9) Months provided always that:

 

		(a)	the effect of the
relevant event of Force Majeure continues to prevent either party from performing any material obligation under this Agreement;
and

 

		(b)	this Agreement shall
terminate on the date falling thirty (30) Business Days after the receipt of the Force Majeure Termination Notice by either the
Owner or the Operations Consultancy Service Provider.

 

Terminal, staff
(at a cost of AED 500,000 “Five Hundred Thousand United Arab Dirhams”), manuals, systems, records and any related assets
to be handed over to the Owner on an immediate affect.

 

		15.2	Non-Default
                                         Termination by the Owner

 

At any time during
the Term, the Owner shall be entitled to terminate this Agreement:

 

		(a)	by
                                         written notice to the Operations Consultancy Service Provider (“Non-Default
                                         Termination Notice”) in the event of the
                                         occurrence of one or more of the following events:

 

		(i)	the Facilities become unfit in any way to be used as a storage
facility for storage of hydrocarbon product due to any cause beyond the control of the Owner or the Operations Consultancy Service
Provider; or

 

		(ii)	the Facilities cease to be approved by the relevant Governmental Authority as a storage
                                                                                                       facility for the storage of hydrocarbon product; and

 

		(b)	by written notice
to the Operations Consultancy Service Provider if the Service Provider’s performance was unsatisfactory to the Owner,

 

and
the Agreement shall terminate on the date falling forty five (45) Business Days after serving the Non-Default Termination Notice
to the Operations Consultancy Service Provider.

 

		15.3	Expiry
                                         and Extension

 

		(a)	Upon the expiry of
the Initial Term, this Agreement shall be renewed for a period of the Renewal Term provided that prior to the extension of the
Initial Term, or any Renewal Term (as the case may be):

 

		(i)	the Owner has given
notice to the Operations Consultancy Service Provider, at least three (03) Months prior to the expiry of the Initial Term, or
any Renewal Term (as the case may be) that the Agreement will be renewed;

 

		(ii)	there shall be no
existing breach of any of the Operations Consultancy Service Provider’s obligations required to be performed under this Agreement;
and

 

		(iii)	the parties shall:

 

		(1)	commence discussions
on the terms for renews (including the revised Term Fee payable) at two (2) months prior to relevant prevailing Expiry Date;
and

  

		(2)	agree to the terms for renewal at least two (02) months
                                                                                                                           prior to the relevant prevailing Expiry Date (“Renewal Agreement Date”). The failure of the parties to agree to
                                                                                                                           the terms for renewal by the. Renewal Agreement Date shall entitle, but not oblige the Owner to appoint the New Operations
                                                                                                                           Consultancy Service Provider to perform the Services.

 

In
the event if the Owner decides to terminate the Contract upon completion of 2 years, then the Owner shall notify the Operations
Consultancy Service Provider of their intention, at least 2 months prior to the expiry of the Contract.

 

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		16.	Effect Of Termination

 

		16.1	Operations
                                         Consultancy Service Provider Event of Default

 

		a.	The Operations Consultancy
Service Provider shall take responsibility due to such an event, such that the Owner’s Losses are minimised, and the Terminal
shall be brought back to operable condition, without putting any additional Cost on the Owner, subject to Clause 11.1.

 

		b.	Terminal, Staff,
Manuals, Systems, Records and any related assets to be handed over to the Owner on an immediate effect without putting any additional
cost on the Owner.

 

		16.2	Owner
                                         Event of Default Non Default Termination by the Owner

 

Where termination of this Agreement occurs:

 

		(a)	following an Owner
Event of Default / Non-default Termination by the Owner

 

the
Owner shall be liable to pay to the Operations Consultancy Service Provider, in addition to any Term Fee otherwise owing to the
Operations Consultancy Service Provider at the Termination Date, the actual, reasonable and proper costs to the Operations Consultancy
Service Provider of demobilisation from the Site and termination of the Sub-Contracts entered into by the Operations Consultancy
Service Provider for performance of the Services provided always that the Operations Consultancy Service Provider shall take reasonable
steps to mitigate such costs (and without in any way limiting the foregoing, the Facilities, all staff (at a cost of AED 500,000
“Five Hundred Thousand United Arab Dirhams”), manuals, systems, records and any related assets shall be immediately handed
over to the Owner).

 

		16.3	Continued
                                         Operation Option

 

Notwithstanding any
termination of this Agreement or expiry of the Term, the Owner shall have the right:

 

		(a)	on the termination or expiry of this Agreement, and for a reasonable
period both before and after any such event; or

 

		(b)	in the event of any failure of the parties to agree to the terms
for renewal by the Renewal Agreement Date under Clause 15.4 prior to the relevant  prevailing Expiry Date,

 

to
require that the Operations Consultancy Service Provider at reasonable cost (as agreed with the Operations Consultancy Service Provider)
(where applicable as the case may be) to the Owner:

 

		(c)	takes any and all
steps as the Owner shall reasonably deem necessary so as to ensure the continued operation of the Facilities; and

 

    Page 36 of 48

     

    

 

		(d)	co-operates fully
with the Owner, the New Operations Consultancy Service Provider or any successor providing to the Owner services in the nature
of any of the Services or any part of the Services in order to achieve a smooth transfer of the manner in which the Owner obtains
services in the nature of the Services and to avoid or mitigate in so far as reasonably practicable any inconvenience or any risk
to the health and safety of the Owner, any Owner Related Party, any New Operations Consultancy Service Provider, any End-User.
For the purposes of this Clause 0, the meaning of the term “co-operate” shall include:

 

		(i)	liaising with the
Owner and / or the New Operations Consultancy Service Provider, and providing reasonable assistance and advice concerning the
Services and their transfer to the Owner or to such New Operations Consultancy Service Provider; and

 

		(ii)	allowing any New
Operations Consultancy Service Provider access (at reasonable times and on reasonable notice) to the Site and Facilities but not
so as to interfere with or impede the provision of the Services by the Operations Consultancy Service Provider.

 

		16.4	Operations
                                         Consultancy Service Provider Duties on Expiry or Termination of the Agreement

 

		(a)	In the event of the
earlier termination of the Agreement for any reason whatsoever, or the expiry of the Term:

 

		(i)	the Operations Consultancy
Service Provider shall forthwith remove all its equipment and tools (if required by the Owner, though if required the Owner may
retain the Operations Consultancy Service Provider’s personnel at the price agreed by both Parties) from the Facilities and give
the Owner vacant possession of the Facilities;

 

		(ii)	if
                                         the Owner so elects, the Operations Consultancy Service Provider shall procure that any
                                         relevant Sub-Contract shall be novated or assigned to the Owner, or if required by the
                                         Owner, the New Operations Consultancy Service Provider. In the event the parties fail
                                         to agree to the terms for renewal by the Renewal Agreement Date under Clause 15.4, the
                                         Operations Consultancy Service Provider shall, if the Owner so elects, procure that any
                                         relevant Sub-Contract shall be novated or assigned to the New Operations Consultancy
                                         Service Provider prior to the relevant prevailing Expiry Date;

 

		(iii)	the Operations Consultancy Service Provider shall procure that the benefit of all manufacturer’s
warranties used or made available by the Operations Consultancy Service Provider under this Agreement and included in the Facilities
are assigned, or otherwise transferred, to the Owner and / or New Operations Consultancy Service Provid applicable) with full title
guarantee;

  

		(iv)	the Operations Consultancy Service Provider shall deliver
                                                                                                                         the documents and information it is required to provide in a with Clause 3.6 except where such documents are required by Law
                                                                                                                         to be retained by the Operations Consultancy Service Provider or Sub-Contractors (in which case complete copies shall be
                                                                                                                         deliver
                                                                                                                         Owner);

 

		(v)	the Operations Consultancy
Service Provider shall leave the Facilities in good and safe working order, such that the Facilities may continue to be operated
in accordance with Good Industry Practice. The Owner may perform any inspections, tests or expert appraisals it considers necessary
with a view to check that the Facilities are in good and safe working order;

  

    Page 37 of 48

     

    

 

		(vi)	the Operations Consultancy Service Provider shall yield up the
Site in a clean (free from rubbish and waste) and good state of repair with normal wear and tear excepted.

 

		(vii)	all outstanding unpaid invoices rendered by the Operations Consultancy
Service Provider shall become payable by the Owner from the Termination Date and all costs, expenses and fees in respect of Services
rendered prior to termination but for which an invoice has not been submitted shall be payable upon submission of the invoice.

 

		(b)	The costs incurred
by the Operations Consultancy Service Provider in carrying out its obligations under Clause 16.4 shall be borne by the Operations
Consultancy Service Provider.

 

		(c)	Notwithstanding Clause
16.4(a) above, where the termination of the Agreement occurs pursuant to Clause 15.2(a), the Owner shall appoint Third Parties
to:

 

		(i)	properly carry out, within the time stipulated by the Owner,
all works necessary to decontaminate the Site and/or the Facilities; and

 

		(ii)	reinstate and yield up the Site in a state and condition as may
be required by the Owner or any Governmental Authority.

 

		(d)	The costs of the
Third Parties in carrying out the works mentioned under Clause 16.4(c) shall be borne by the Owner. The Operations Consultancy
Service Provider may support the Owner to liaise with appropriate Third Parties.

 

		16.5	Continuing
                                         Obligations

 

		(a)	The expiry of the
Term or termination of the Agreement shall not affect:

 

		(i)	any accrued rights,
obligations and liabilities of either party (and shall be without prejudice to any right conferred by Law on a party to recover
damages or seek any other remedy in respect of any liability of the other party in connection with:

 

		(1)	any breach committed
by; or

 

		(2)	event of default
which occurred in relation to, such party); or

 

		(ii)	the continuance in
force of any provision of this Agreement which is not expressed to be contingent upon the continuance of the Term.

 

		(b)	Notwithstanding
Clause 16.5(a), the parties expressly acknowledge that Clauses 14 and 15 set out their exclusive rights to terminate the Agreement,
and their exclusive rights, obligations, Claims and liabilities resulting frony termination. Any rights to terminate this Agreement,
whether arising at Law or in equity, are hereby waived irrevocably by both parties.

  

		17.	Handback Requirements

 

The
provisions of Schedule 8 (Handback) shall apply on expiry of this Agreemnet

 

    Page 38 of 48

     

    

 

		18.	Changes

 

		18.1	Step-Changes
                                         in Technology

 

		(a)	This Clause 18.1 applies if, as a result of a Step-Change in
Technology, a significant reduction in operation and maintenance cost at the Facilities occurs.

 

		(b)	If at any time during
the Term, a Step-Change in Technology to which this Clause 18.1 applies occurs, the Operations Consultancy Service Provider must
notify the Owner of that fact. If any time during the Term, the Owner considers that a Step-Change in Technology has occurred,
it may notify the Operations Consultancy Service Provider of that fact.

 

		18.2	Additional
                                         Services

 

		(a)	The Owner may, at its discretion, instruct the Operations Consultancy
Service Provider to undertake additional works at the Facilities (an “Additional Services”) and no Additional Services
instructed by the Owner shall vitiate this Agreement.

 

		(b)	The Operations Consultancy
Service Provider shall, within twenty-one (21) Days of receiving the Owner’s instruction for the Additional Services under Clause
18.2(a), respond to the Owner with a written notice stating:

 

		(i)	the steps the Operations
Consultancy Service Provider proposes to take to implement the Additional Services giving such level of detail as is reasonable
and appropriate in all the circumstances;

 

		(ii)	any additional payment, which the Operations Consultancy Service
Provider considers should be made under this Agreement in respect of implementing the Additional Services;

 

		(iii)	any Authorisation which must be obtained or amended for the Additional
Services to be implemented; and

 

		(iv)	such amendments to the provisions of this Agreement which are
necessary as a consequence of the Additional Services, the objective of such amendments being to ensure that (save for the obligation
of the Owner to make payment in respect of the Additional Services or any other adverse consequence for the Owner arising from
the Additional Services itself) the parties are in no better and no worse position than they would have been in if such Additional
Services had not been implemented.

 

		(c)	If the parties agree
upon the matters stated in the Operations Consultancy Service Provider’s notice as aforesaid (including any agreed modifications
thereto) then the Additional Services shall be implemented by the Operations Consultancy Service Provider on that basis and the
Owner shall make such payments. Following such agreement, the Operations Consultancy Service Provider
shall not be entitled to any further or other payments in respect of implementing that
Additional Services.

 

		(d)	If
the parties fail to agree upon the matters stated in the Operations Consultancy Service Provider’s notice given, in respect
of an Owner Variation, under Clause 18.2(b) the Owner may nevertheless instruct the Operations Consultancy Service Provider to
proceed with implementing that Owner Variation. The Operations Consultancy Service Provider shall forthwith comply with such instruction
and the matters not agreed may be referred to Clause 22.1.

 

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		19.	Force
                                         Majeure

 

		19.1	For
                                         the purposes of this Agreement. “Force Majeure” means any such event
                                         or circumstance not within the reasonable control, directly or indirectly, of the party
                                         affected by it (“Affected Party”),
                                         resulting in or causing a total or significant failure of the Affected Party in the fulfilment
                                         of any of its obligations under this Agreement (other than payment of money), including
                                         but not limited to any of the following events or circumstances:

 

		(a)	acts of war (whether declared or not), invasion or
act of foreign enemy, in each case occurring within the United Arab Emirates;

 

		(b)	acts of rebellion, riot, civil commotion, strikes of a political nature, sabotage of a political nature in each case occurring
within the United Arab Emirates;

 

		(c)	nuclear contamination (unless the Operations Consultancy
Service Provider is the source of such nuclear contamination);

 

		(d)	lightning, earthquake, tsunami, unusual flood, storm, cyclone, typhoon, tornado or other natural calamity or act of God;

 

		(e)	epidemic or plague;

 

		(f)	strikes, works to rule or go-slows (other than by employees of the party claiming the same as a
Force Majeure or of any shareholders of such party, or by employees of any direct or indirect Affiliate, parent or subsidiary of
any shareholder of such party); or

 

		(g)	accidents, fire or explosions (except if such accidents, fire or explosions are caused by the fault
or negligence of the party claiming this as Force Majeure), provided and only to the extent that the:

 

		(i)	event, despite the exercise of reasonable diligence,
cannot be or could not have been prevented, avoided or removed by the Affected Party;

 

		(ii)	Affected Party took, or has taken, all reasonable
precautions, due care and reasonable alternative measures in order to avoid the effect of such event on the Affected Party’s
ability to perform its obligations under this Agreement and to mitigate the consequences of that event;

 

		(iii)	event is or was not the direct or indirect result
of the breach by the Affected Party of any of its obligations under this Agreement; and

 

		(iv)	Affected Party
                                         has given the non-affected party (“Non-Affected Party”)
                                         notice in accordance with Clause 19.2.

   

		19.2	An Affected Party
                                         must notify the Non-Affected Party in writing (“Force Majeure Notice”)
                                         of:

 

		(a)	the date of commencement of the Force Majeure;

 

		(b)	the nature and expected duration of the Force Majeure;

 

		(c)	the anticipated effect of the Force Majeure on the
performance of the obligations by the Affected Party; and

 

		(d)	the actions to be taken in order to comply with requirements
of this Clause 18.

 

		19.3	The Force Majeure Notice must be sent by the Affected Party
not later than fourteen (14) Business Days after the date on which the Affected Party first had knowledge of the effect of the
Force Majeure, failing which, the Affected Party is not entitled to rely on this Clause 18.

 

    Page 40 of 48

     

    

 

		19.4	The Affected Party must:

 

		(a)	make all reasonable
efforts to prevent and reduce to a minimum and mitigate the effect of any delay occasioned by any Force Majeure and to have recourse
to alternate sources of services, equipment and materials and construction equipment; and

 

		(b)	use its best efforts
to ensure resumption of normal performance of this Agreement after the cessation of any Force Majeure as promptly as possible
and otherwise perform its obligations in accordance with this Agreement.

 

		19.5	Within fourteen (14) Business Days following the cessation
of any Force Majeure, the Affected Party must submit to the Non-Affected Party reasonable proof of the nature of the delay and
its effect upon the performance of the obligations of the Affected Party under this Agreement.

 

		19.6	With respect to the Operations Consultancy Service Provider
only, Force Majeure may be invoked only with respect to the part of the Facilities affected by the event and not with respect
to any part of the Facilities not so affected.

 

		19.7	Subject always to the provisions of Clause 19.4, the Affected
Party shall be excused from performance and shall not be construed to be in default in respect of any obligation under this Agreement
for so long as, and to the extent that, the failure to perform such obligation is due to Force Majeure. The Affected Party must
continue to perform all of its obligations under this Agreement which is not affected by the Force Majeure.

 

		19.8	The following events do not constitute Force Majeure (for
purposes of this Agreement):

 

		(a)	any order of a Governmental Authority issued for health
or safety reasons by reason of any act or omission of the Operations Consultancy Service Provider requiring any act on the part
of the Operations Consultancy Service Provider which limits the ability of the Operations Consultancy Service Provider to perform
its obligations under this Agreement;

 

		(b)	any failure by a party to reach agreement with any third
party (including any End-User);

 

		(c)	lack of funds for any reason or inability to use available
funds due to any reason;

 

		(d)	failure of either party to make any payment of money
in accordance with its obligations under this Agreement;

 

		(e)	late delivery of equipment, machinery, plant or materials
caused by acts or omissions on the part of the Operations Consultancy Service Provider, its suppliers or Sub-Contractors;

 

		(f)	late performance by the Operations Consultancy Service Provider Operations Consultancy
                                                                                 Service Provider’s failure to engage qualified Sub-Contractors or suppliers, or to hire an adequate number of personnel or
                                                                                 labour;

 

		(g)	mechanical or electrical breakdown or failure of equipment, machinery or plant owned or
                                                                                 operated by                                                                                  either party due to the manner
                                                                                 in which such equipment, machinery or plant has been operated or maintained;

 

    Page 41 of 48

     

    

  

		(h)	failure of either party to perform any of its obligations
under this Agreement in accordance with the requirements hereof which contributed to the occurrence of Force Majeure; and

 

		(i)	delays resulting from reasonably foreseeable unfavourable
weather, reasonably foreseeable unsuitable ground or sea conditions or other similar reasonably foreseeable adverse conditions.

 

		19.9	The Owner shall be relieved from its payment obligation
under Clause 5 to the extent the Services have not been performed by the Operations Consultancy Service Provider due to Force
Majeure.

 

		20.	Intellectual
                                         Property Rights

 

		20.1	The Operations Consultancy Service Provider owns or is
licensed to use all Intellectual Property Rights and Proprietary Information:

 

		(a)	owned by or (if not
owned by the Operations Consultancy Service Provider) licensed to the Operations Consultancy Service Provider; and / or

 

		(b)	first discovered or
developed by the Operations Consultancy Service Provider during the course of performing its obligations under this Agreement.

 

		20.2	The Operations Consultancy Service Provider grants to the
Owner, a global, royalty-free, non-transferable, permanent, irrevocable, non-exclusive licence (including the right to grant royalty-free
sub licences) to use the Intellectual Property Rights and the Proprietary Information referred to in Clause 20.1 in connection
with the management, operation, and maintenance of the Facilities. This licence shall survive the termination of this Agreement
for an unlimited period of time.

 

		21.	Confidentiality

 

Each party shall
hold, and shall ensure that its shareholders and Affiliates hold, in strict confidence from any other person (other than any such
Affiliate) all documents and information concerning the other party or any of its Affiliates furnished to it or its advisors,
consultants, subcontractors or agents by the other party in connection with this Agreement or the transactions contemplated hereby
(“Confidential Information”), unless:

 

		(a)	It
                                         is required by Law to communicate the Confidential Information to that third party, who
                                         is authorised by Law to receive it;

 

		(b)	the Confidential Information
is required to be disclosed in the case of any judicial or administrative process or by the rules of a stock exchange (including
in connection with obtaining from Governmental Authorities the necessary approvals of this Agreement and the transactions contemplated
hereby) or by other requirements of any applicable Law;

 

		(c)	the Confidential Information is required to be disclosed
in or pursuant to the offering statement provided to potential investors in the Owner; or

 

		(d)	the Confidential Information is required to be disclosed
in an action or proceeding brought by either party in pursuit of its rights or in the exercise of its remedies hereunder.

 

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		22.	Dispute
                                         Resolution

 

		22.1	Negotiation

 

		(a)	The parties shall attempt
to resolve any dispute, controversy, or claim arising under, out of or relating to this Agreement and any subsequent amendments
of this Agreement, including, without limitation, its formation, validity, binding effect, interpretation, performance, breach
or termination, as well as non-contractual claims, by negotiation between representatives who have authority to settle the dispute.

 

		(b)	The negotiation phase described
in Clause 22.1(a) above shall be initiated by either party giving the other written notice of the dispute (“Dispute Notice”).
The Dispute Notice shall provide a short summary of the nature of the dispute and the name and position of the representative(s)
who will represent that party in the negotiations. Within ten (10) Business Days of receipt of the Dispute Notice, the receiving
party shall provide a short written summary of that party’s response to the claim and the name and position of the representative
who will represent that party in the negotiations.

 

		(c)	Within twenty (20) Business
Days of receipt of the Dispute Notice, the representatives of both parties shall meet at a mutually acceptable time and place
to attempt to resolve the dispute.

 

		(d)	The negotiations shall be treated as without prejudice.

 

		22.2	Arbitration

 

		(a)	If,
                                         and to the extent that, any such dispute, controversy or claim has not been settled pursuant
                                         to the mediation (referred to in Clause 21.1) within thirty-five (35) Business Days of
                                         the commencement of the mediation, such dispute, controversy or claim shall be referred
                                         to and finally resolved by arbitration under the DIFC-LCIA Arbitration Centre Rules (the
                                         “Rules”) which (save as modified by this Clause 21) are deemed to
                                         be incorporated by reference into this Clause 19. Capitalised terms used in this Clause
                                         21 and not otherwise defined in this Agreement have the meanings given to them in the
                                         Rules.

 

		(b)	The seat, or legal place,
of arbitration shall be the Dubai International Financial Centre, Dubai, United Arab Emirates.

 

		(c)	The number of arbitrators
shall be three (3). The claimant(s) shall nominate one arbitrator and the respondent(s) 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 thirty (30) Business
Days of the time-limit for service of the response, the third arbitrator shall be appointed by the LCIA Court.

 

		(d)	The language to be used in the arbitral proceedings shall be English. An award made by the
                                                                                 arbitral                                                                                  tribunal shall be final and binding
                                                                                 on the parties and may be entered and enforced in any court having jurisdiction.

 

		(e)	To the extent that the Operations Consultancy Service
Provider may in any jurisdiction in which proceedings may be taken for the enforcement of this Agreement, claim for itself or
its assets immunity from suit, enforcement or judgments or awards or other legal process under the laws of any relevant jurisdiction,
the Operations Consultancy Service Provider hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity
and consents in respect of any legal action or proceedings arising out of or in connection with this Agreement, to irrevocably
waive and not to claim any immunity (or any defence based on immunity or sovereign status) from all forms of execution, enforcement
or attachment against it or any of its property whatsoever.

 

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		(f)	Without prejudice to Clause 3.16, if any dispute referred
to in Clause 22.2(a) above raises an issue, or arises out of a subject matter which in the Owner’s opinion, is similar,
or relates in any way either to an issue raised in, or to the subject-matter of, any dispute (a “Related Dispute”),
between:

 

		(i)	the Owner and any other person with whom the Owner
contracts; or

 

		(ii)	the Owner and any End-User,

 

the parties hereto agree
that any such Related Dispute may at the Owner’s option be referred to the arbitrator appointed pursuant to Clause 22.2(a)
above, that the proceedings, including any hearings, may (at the Owner’s option) be conducted concurrently or consolidated.

 

		(g)	If any Related Dispute has already been referred to arbitration
pursuant to a provision substantially similar to Clause 22.2(a), the parties agree that any dispute referred to in Clause 22.2(a)
may (at the Owner’s option) be referred to the arbitrator(s) appointed to determine any such Related Dispute and that the
proceedings, including any hearings, may (at the Owner’s option) be conducted concurrently or consolidated.

 

		22.3	Despite the provisions of this Clause 21, both parties
must (subject to what may otherwise be provided for in this Agreement) continue performing their obligations under this Agreement
during the duration of any dispute.

 

		23.	Statutory
                                         Functions

 

Nothing contained in or
implied by this Agreement has the effect of constraining the Owner or placing any fetter on its statutory rights, duties, powers
and functions, including those contained or referred to in any Law.

 

		24.	Consultation

 

		24.1	In relation to:

 

		(a)	any provision in any
Proposed End-User Agreement concerning consultation or liaison or agreement with, or the consent or permission of any End-User
or any third party, (including any matters subject to the dispute resolution procedure set out in such Proposed End-User Agreement);
or

 

		(b)	any proposal to amend
any relevant Proposed End-User Agreement;

 

which has or may have
an adverse monetary effect or other material effect on the carrying out of the Services or the obligations or liabilities of
the Operations Consultancy Service Provider, the Owner shall consult with the Operations Consultancy Service Provider as to
such matter and allow the Operations Consultancy Service Provider to make representation to the Owner and the Owner shall use
reasonable endeavours to consider and if appropriate relay such representations to the End-User or such third party.

 

    Page 44 of 48

     

    

  

		25.	General

 

		25.1	Assignment and Transfer

 

		(a)	The Operations Consultancy
Service Provider may not sell, assign or otherwise transfer its rights or obligations under or pursuant to this Agreement without
the prior written consent of the Owner.

 

		(b)	The Owner may in its
discretion, effect any restructuring, reorganisation or divestment of its assets at any time, including where that restructuring,
reorganisation or divestment results in the sale, assignment or transfer by the Owner of its interest under this Agreement.

 

		25.2	Change in Control

 

		(a)	The Operations Consultancy Service Provider shall not allow
any Change in Control of the Operations Consultancy Service Provider until two (2) Years after the CDCO without the Owner’s
prior consent, such consent not to be unreasonably withheld, provided that the Operations Consultancy Service Provider has:

 

		(i)	provided sufficient notice (and in any event not less
than twenty (20) Business Days) of the proposed Change in Control;

 

		(ii)	demonstrated
                                         to the Owner’s reasonable satisfaction that the proposed Change in Control will
                                         not adversely affect the performance of the Services including ensuring there will be
                                         no significant turnover in the personnel performing the Services (the “Personnel
                                         Turnover Requirements”); and

 

		(iii)	given all relevant information
to the Owner.

 

The Owner may request the Operations Consultancy
Service Provider to, and the Operations Consultancy Service Provider shall provide to the Owner, within ten (10) Business Days
following receipt of such request, any additional information which the Owner considers necessary for its evaluation of the proposed
Change in Control.

 

		(b)	From the third
                                         (3rd) anniversary of the CDCO, the Operations Consultancy Service Provider
                                         may permit a Change in Control without the consent of the Owner provided that the Operations
                                         Consultancy Service Provider has complied with the Personnel Turnover Requirements.

 

		(c)	Subject always to the Operations Consultancy Service
Provider obtaining the Owner’s consent prior to any Change in Control of the Operations Consultancy Service Provider under
Clause 24.2(a), the Operations Consultancy Service Provider shall notify the Owner of details of the Change in Control of the
Operations Consultancy Service Provider as soon as practicable, and, in any event, within five (5) Business Days of any such change.

 

		25.3	No Partnership

 

This
Agreement shall not be interpreted or construed to create an association, joint venture, or partnership between the parties or
to impose any partnership obligation or liability upon either party. Except as expressly provided in this Agreement, neither
party shall have any right, power, or authority to enter into any agreement
or undertaking for, to act on behalf of, to act as or be an agent or representative of, or to otherwise bind, the other party.

  

    Page 45 of 48

     

    

 

		25.4	Further Assurances

 

The parties shall at all
times do all such further acts and execute and deliver such further deeds and documents as shall be reasonably required in order
to perform and carry out the provisions of this Agreement.

 

		25.5	Amendments

 

No modification or amendment
of any provision of this Agreement shall be valid unless it is evidenced in writing and signed by both parties.

 

		25.6	Waiver

 

Any term or condition of
this Agreement may be waived by agreement at any time by the party that is entitled to the benefit thereof, but no such waiver
shall be effective unless set forth in a written instrument duly executed by both parties. The failure or delay of either party
to require performance by the other party of any provision of this Agreement shall not affect its right to require performance
of such provision unless and until such performance has been waived by such party in writing in accordance with the terms hereof.
No waiver by either party of any term or condition of this Agreement, in anyone or more instances, shall be deemed to be or construed
as a waiver of the same or any other term or condition of this Agreement on any future occasion.

 

		25.7	Notices

 

		(a)	Any notice or other communication from one party to
the other party which is required or permitted to be made under the provisions of this Agreement shall be:

 

		(i)	made in the English
language;

 

		(ii)	made in writing;

 

		(iii)	delivered personally
(by hand delivery), sent by facsimile, registered mail or electronic mail. Any notice given by facsimile shall be confirmed by
sending a copy of the same by personal delivery or by registered mail, but the failure to so confirm shall not void or invalidate
the original notice if it is in fact received by the party to which it is addressed; and

 

		(iv)	marked for the attention
of the person(s) designated below or to such other person(s) as the other party shall by notice require.

 

		(b)	Any notice or other communication made by one party to
the other party in accordance with the foregoing provisions of this Clause 25.7 shall be deemed to be received by the other party
(if delivered by hand or sent by pre-paid registered mail), on the Day on which it is left at that party’s address, or (if
sent by facsimile transmission or electronic mail) immediately.

 

		(c)	A facsimile transmission is regarded as legible unless
the addressee telephones and informs the sender that it is not legible within forty-eight (48) hours after transmission is received
or regarded as received in accordance with this Clause 25.7.

 

    Page 46 of 48

     

    

 

		(d)	The addresses for service
of the parties and their respective facsimile numbers and electronic mail address shall be:

   

If to the Owner, to:

 

Brooge
Petroleum and Gas Investment Company

                                                       

                                                             

P.O.
Box: 50170, Fujairah

United
Arab Emirates

 

If
to the Operations Consultancy Service Provider, to:

 

Flowi
Terminals Management 

                                                       

                                                             

P.O. Box: 128838, Dubai

United
Arab Emirates

 

		(e)	Either party from time to time may change its address,
facsimile number or other information for the purpose of notices to such party by giving notice specify such change to the other
party.

 

		25.8	Invalidity

 

The parties hereby agree
to use good faith efforts to discuss any provisions of this Agreement determined to be invalid or unenforceable with a view toward
effecting the purposes of this Agreement, and the validity or enforceability of the remaining provisions of this Agreement shall
not be affected thereby.

 

		25.9	Counterparts

 

The parties may execute this
Agreement in counterparts, which shall, in the aggregate, when signed by both parties constitute one and the same instrument; and,
thereafter, each counterpart shall be deemed an original instrument as against any party who has signed it.

 

		25.10	Third Party Rights

 

No person who is not a party
to this Agreement shall have the right to enforce any term of this Agreement.

 

		25.11	Governing Law

 

This Agreement and any arbitration
or legal action commenced under the terms of this Agreement shall be governed by the federal laws of the United Arab Emirates and
the laws of the Emirate of Fujairah.

  

    Page 47 of 48

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Agreement through their duly authorised officers as of the date set forth in the preamble to this Agreement.

 

	Signed by	 	 
	Mr. Housam S. El Emri	)	/s/ Housam S. El Emri
	CEO/Vice Chairman	)	 
	for and on behalf of	)	 
	Brooge Petroleum and Gas	)	 
	Investment Company	)	 
	 	 	 
	In the presence of [                            ]	 	 
	 	 	 
	 	 	 
	Name: 	 	 
	Address: 	 	 
	 	 	 
	Signed by Mr. Mohammad Shahin	)	/s/ Mohammad Shahin
	                Managing Director	)	 
	for and on behalf of 	)	 
	 	)	 
	In the presence of [                            ]	 	 
	 	 	 
	 	 	 
	Name: 	 	 
	Address: 	 	 

  

 

Page 48 of 48Exhibit 10.45

 

Certain identified information has been excluded from the exhibit because it is both not material and would likely cause competitive
harm to the registrant if publicly disclosed. 

 

 

	Date: 	09/04//2017 
	Ref: 	CAD/013/17

     

PRIVATE & CONFIDENTIAL

  

M/s. Brooge Petroleum and Gas Investment Company FZC

P.O.Box. No. 50170, Fujairah,

United Arab Emirates.

 

Dear Sirs,

 

Sub: FACILITY OFFER LETTER

 

We, National Bank of Abu Dhabi, PJSC-Islamic
Banking Divison (“ISD-NBAD”), refer to your request and our recent discussions and are pleased to offer you
the Islamic banking facilities detailed in Schedule (A) attached hereto (the “Fecility”) subject to the terms
hereinafter and the terms of the documentation to be concluded between you and ISD-NBAD in relation to the Facility.

 

This new Facility is in addition to your existing facility with
us as per below: 

 

	Facility Type	 	Approved Limit 

(AED)	 	Principal Outstanding 

(AED)
	Contracts for work & forward lease	 	310,718,000.00	 	308.696.216.92

 

The existing facility as mentioned above will remain as per
the existing terms & conditions unless further stated in this Facility Offer Letter.

  

Yours faithfully,

 

	       	 	              

 

National Bank of Abu Dhabi, PJSC-Islamic Banking Division

 

	              	 	                  
	Date:	 	Date:

  

    Page 1 of 6
 

     

    

 

 

 

	Date: 	09/04//2017 
	Ref: 	CAD/013/17

 

We agree and accept the terms of this
Facility Offer Letter (the “Offer”) including the attached schedules and agree to be by its terms and conditions.

 

	Signature: 		 

 

M/s Brooge Petroleum and Gas Investment Company FZC

 

	Date:		 

 

    Page 2 of 6
 

     

    

 

 

	Date: 	09/04//2017 
	Ref: 	CAD/013/17

 

SCHEDULE “A”

 

	Facility	 	Limit

(AED)	 	Pricing	 	Purpose/Tenor/Payment Source
	Contract for Works & Forward Lease	 	40,800,000	 	3M EIBOR+3.5%

per annum

Minimum 5.5%

per annum	 	
        Purpose: To part finance construction of new administration
        building, Fujairah, United Arab Emirates through forward lease contract.

         

        Repayment: In maximum 20 quarterly installments starting
        after 6 months grace period.

         

        Payment Source: Operating cash flow / business income
        of the shareholders / other sources.

	 	 	 	 	 	 	 
	Total	 	40,800,000	 	(UAE Dirham Forty Million Eight Hundred Thousand only)

 

Securities:

 

		1.	Assignment of lease contract with off-takers in favor
of ISD-NBAD.

 

		2.	Step in right over leased land in favor of NBAD to
be provided.

 

		3.	

 

 

		4.	Assignment of Contractor’s “All Risk Insurance
policy” to ISD-NBAD as first beneficiary during construction and maintenance periods.

 

		5.	Assignment of Fire Insurance Policy of the Property
(upon completion of construction) in favor of ISD-NBAD as first beneficiary.

 

		6.	Performance guarantee in favor of ISD-NBAD to be issued in a text and by a bank that is
                                                                                  acceptable to ISD-NBAD equivalent to 10% of Istisna contract amount. The performance guarantee should be lodged with ISD-NBAD
                                                                                  prior to any disbursement.

 

    Page 3 of 6
 

     

    

 

 

	Date: 	09/04//2017 
	Ref: 	CAD/013/17

 

		7.	Advance payment guarantee (APG) in favor of ISD-NBAD to be issued in text and by a bank that
                                                                                  is acceptable to ISD-NBAD and to be lodged with ISD-NBAD prior to any disbursement.

 

		8.	Retention guarantee (RG) in favor of ISD-NBAD to be
issued in text and by a bank that are acceptable to ISD-NBAD prior to any disbursement.

 

		9.	Assignment of rental income generated from the financed
property in favor ISD-NBAD.

 

		10.	All the contractor bonds to be assigned to the bank.

 

Support:

 

		1.	Direct Debit Authority.

 

		2.	Undertaking to cover the default or shortfall, if
any, in finance payment arrangement from your other sources of income.

 

		3.	Project cash flow statement.

 

Conditions:

 

		1.	Non-refundable study and documentation fees of UAE
Dirham 408,000.00 is payable upon signing this offer letter.

 

		2.	Signed construction contract with Audex Fujairah LL
FZE to be provided.

 

		3.	Debt equity ratio to be kept at 85:15 and customer
contribution of 15% should be paid upfront.

 

		4.	DSRA amount should be increased to cover the instalment
of the new facility.

 

		5.	Disbursement will take place in tranches in line with
project completion and subject certification of the project manager/technical advisor.

 

		6.	Audited financials
                                         of                     
                                          for last 3 years should be provided prior to disbursement.

 

		7.	Latest valuation of the financed property to be provided
maximum by 24/02/2018.

 

		8.	Early settlement charge at 1.0% of the total outstanding
to be paid, in case of early settlement of the facility.

 

    Page 4 of 6
 

     

    

 

 

	Date: 	09/04//2017 
	Ref: 	CAD/013/17

 

		9.	The release of surplus funds from rental collection
account will be subject to servicing the installment amount and within Bank’s discretion.

 

		10.	To accept the
                                         terms of this Offer, please sign and return a copy hereof within 14 days from
                                         the date first written above otherwise this Offer will lapse.

 

		11.	Without prejudice
                                         to the above paragraph and where the terms of this Offer are accepted by you in the manner
                                         stated above, this Offer shall not be binding on ISD-NBAD unless documentation and formalities
                                         are completed and executed to the entire satisfaction of ISD-NBAD on/or before 09/07/2017.

 

		12.	This Offer is part of the documentation to be executed
in respect of the Facility.

 

		13.	ISD-NBAD may revoke this offer letter at its sole
discretion if, an event occurs or series of events occur which might have in the opinion of ISD-NBAD adverse effect on your financial
condition or where market conditions change, thus creating in Our sole opinion an adverse effect on our ability to offer the Facility
to you on the terms of this Offer.

 

		14.	You hereby commit yourself and undertake, in the event
of any delay by way of procrastination in the payment of any Rental Payment (advance or normal) or any other amount due to ISD-NBAD
on its due date, to donate to charity an amount to be added by ISD-NBAD to any next Rental Payment and calculated for the delay
period on the basis of 2.0% p.a. of the overdue amount. Any delay in payment from your side shall be deemed as procrastination
unless proven otherwise. The said amount shall be dispensed of for charitable purpose under the supervision of the Fatwa and Sharia’
Supervisory Board of National Bank of Abu Dhabi-Islamic Banking Division. ISD-NBAD shall not retain such amount nor account for
it in its profits.

  

    Page 5 of 6
 

     

    

 

 

	Date: 	09/04//2017 
	Ref: 	CAD/013/17

  

		15	Without prejudice to and in addition to any term or
condition in any finance document which you may sign with the ISD-NBAD in respect of the Facility, ISD-NBAD shall have the right
to cancel the Facility any time without liability on its part if:

 

		a.	You fail to provide any document or information required
by ISD-NBAD in form and substance to the satisfaction of ISD-NBAD and within the period of time specified by it.

 

		b.	You fail to comply with any term or condition, condition
precedent, security or any other matter required from your pursuant to this offer or pursuant to any document, contract or correspondence
between you and ISD-NBAD.

  

		c.	You do not utilize the Facility within a period of
90 days from the date of this Offer regardless of any other document or contract signed between you and ISD-NBAD in relation to
the Facility, OR if the first draw down / utilization under the Facility did not occur for any reason attributed to you within
the dates / timelines as specified or required in the Facility approval or as notified to you by ISD-NBAD from time to time.

 

		d.	Any other event occurs which, in the reasonable opinion
of ISD-NBAD would jeopardize the the interests of ISD-NBAD or which may possibly result in a default by you under the Facility.

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