Document:

Exhibit 10.61

 

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	13th
    March 2019 
	 	 
	 	Brooge
    Petroleum and Gas Investment Company FZE	 
	 	 	 
	 	-
    and -	 
	 	 	 
	 	 SAHARA
    ENERGY RESOURCES DMCC 	 

 

 

 

 

 

Refinery
and Services Agreement

 

 

	 		 
	 

         

	Hogan
        Lovells (Middle East) LLP

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

	 

 

    

     

    

 

Contents

 

	Clause	Page
	1. Definitions	1
	2. Interpretation	2
	3. Headings	3
	4. Conditions
    Precedent	3
	5. Transaction
    Timelines	3
	6. land
    utilization	3
	7. Construction
    of Oil Refinery	4
	8. Refinery
    Operating Services	4
	9. Oil
    Storage Services	4
	10. Storage
    Contract	4
	11. Fees
    and charges	4
	12. Expenses	5
	13. Profit
    Sharing	5
	14. Duration
    and Termination	5
	15. Confidentiality	6
	16. Assignment	6
	17. No
    partnership or agency	6
	18. Notices	6
	19. Payments	7
	20. Arbitration	7
	21. Applicable
    law	7
	22. Severability	7
	23. No
    third party rights	8
	24. Variation
    and amendment	8
	25. Miscellaneous	8

 

 

Hogan Lovells

    

     

    

 

This
Agreement is made this _________ day of March 2019

 

Between

 

		(1)	Brooge
                                         Petroleum and Gas Investment Company FZE, a company incorporated under the laws of
                                         the Fujairah Free Zone (commercial registration no. 13-FZC-1117) whose registered office
                                         is at P.O. Box 50170, Fujairah Free Zone, United Arab Emirates (“BPGIC”);
                                         and

 

		(2)	SAHARA
                                         ENERGY RESOURCES DMCC, a company incorporated under the laws of United Arab Emirates,
                                         having its registered office at JLT Reef Tower, Cluster O, Office #2201, PO Box 309082,
                                         Dubai, United Arab Emirates (“Sahara”);

 

(each
a “Party” and together the “Parties”)

 

Whereas

 

		(A)	Sahara
                                         wishes to engage BPGIC on developing and using a refinery unit in Fujairah, United Arab
                                         Emirates by providing a parcel of land, and the associated operation and storage services.

 

		(B)	BPGIC
                                         agrees to provide a parcel of its land in Fujairah to Sahara under the terms of a land
                                         utilization agreement for the purpose of building a refining unit.

 

		(C)	Sahara
                                         agrees to set up with sub-contractors such refining unit and wishes to engage BGPIC to
                                         carry out the Services (as defined in Clause 1).

 

		(D)	BPGIC
                                         agrees to provide the Services in return for the payment by Sahara of fees and expenses
                                         in accordance with the terms of this Agreement.

 

It
is agreed

 

		1.	Definitions

 

“Agreement”
means this agreement including its recitals and schedules as the same may be amended from time to time.

 

“Ancillary
Agreements” means the Land Utilization Agreement, the Refinery Operations Agreement, the Oil Storage Agreement and any
other agreement executed by the Parties pursuant to this Agreement, all of which will have an initial term of 5 years, then a
second period of 5 years in Sahara’s option and which, with the mutual agreement of the Parties, may be extended for a further
5 years;

 

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

 

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

 

“DIFC”
means the Dubai International Financial Centre;

 

    	 	  	Hogan Lovells

     

    

 

“Dispute”
has the meaning given to it in Clause 20;

 

“Due
Date” has the meaning given to it in Clause 11.3;

 

“EPC
Contract” means the Engineering, Procurement and Construction contract to be entered into between Sahara and an EPC
contractor chosen by Sahara for the design, procurement construction and commissioning of the refining unit.

 

“Effective
Date” has the meaning given to it in Clause 14.1;

 

“Fee”
has the meaning given to it in Clause 11.1;

 

”LCIA”
means the London Court of International Arbitration;

 

“LIBOR”
means the London interbank offered rates for deposits in US Dollars administered by ICE Benchmark Administration Limited (“ICE”)
(or any other applicable entity which takes over administration of those rates) which appear on the relevant pages of the Reuters
Service (currently page LIBOR01) or, if not available, on the relevant pages of any other service (such as Bloomberg Financial
Markets Service) that displays such rates; provided that if ICE (or any other applicable entity which takes over administration
of those rates) for any reason ceases (whether permanently or temporarily) to publish London interbank offered rates for deposits
in US Dollars, “LIBOR” shall be determined by the Parties based on prevailing market practices then in effect;

 

“Land
Utilization Agreement” means the land utilization agreement in the form which is to be agreed by the Parties to be entered
into between the Parties in relation to the parcel of land to be allocated to Sahara by BPGIC on the terms set out in Clause 6;

 

“Minimum
Payment” has the meaning given to it in Clause 11.2;

 

“Oil
Storage Agreement” means the oil storage agreement in the form which is to be agreed by the Parties to be entered into
by the Parties on the terms set out in Clause 9;

 

“Phase
I” has the meaning given to it in Clause 7.3;

 

“Refinery”
has the meaning given to it in Clause 7.1;

 

“Refinery
Operations Agreement” means the refinery operations agreement in the form to be agreed by the Parties relating to the
oil refinery to be built by Sahara on the land granted pursuant to the terms of the Sublease and which will be entered into by
the Parties;

 

“Rules”
means the DIFC-LCIA Arbitration Centre Rules as referred to in Clause 20.1;

 

“Services”
means the provision of the land pursuant to the sublease and the services to be performed by BPGIC pursuant to the Oil Storage
Agreement and the Refinery Operations Agreement;

 

“Storage
Capacity” has the meaning given to it in Clause 9.2; and

 

“VAT”
means value added tax.

 

		2.	Interpretation

 

Words
importing the singular only also include the plural and vice versa where the context requires; words and expressions importing
the masculine gender include the feminine; reference to person includes any public body and any body of persons incorporate or
unincorporated. References to Clauses and to Schedules are references to clauses and schedules of this Agreement.

 

    	 	- 2 -	Hogan Lovells

     

    

 

		3.	Headings

 

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

 

		4.	Conditions
                                         Precedent

 

		4.1	The
                                         rights and obligations of the Parties under this Agreement are conditional upon the satisfaction
                                         of the conditions precedent set forth below:

 

		(a)	BPGIC’s
                                         Conditions Precedent:

 

		(i)	BPGIC
                                         obtaining all requisite approvals, consents and authorizations required in connection
                                         with the Ancillary Agreements and with the construction and the location of the Refinery
                                         upon the agreed parcel of land.

 

		(b)	Sahara’s
                                         Conditions Precedent:

 

		(i)	Sahara
                                         obtaining all approvals, consents and authorizations required in connection with its
                                         activities as contemplated under and pursuant to the Ancillary Agreements and this Agreement
                                         and BPGIC will provide advices and assistance for such process.

 

		4.2	In
                                         connection with the satisfaction of Clause 4.1 each Party agrees to provide reasonable
                                         assistance to the other Party as required.

 

		4.3	The
                                         Parties agree to provide written confirmation of the satisfaction of the conditions precedent
                                         in Clause 4.1 within 2 Business Days upon satisfaction.

 

		5.	Transaction
                                         Timelines

 

		5.1	The
                                         Parties will procure, insofar as they are able, that all Ancillary Agreements are signed
                                         by 31 March 2019.

 

		5.2	The
                                         Parties will procure, insofar as they are able, that all conditions precedent in Clause
                                         4 are completed by 30 April 2019, unless otherwise mutually agreed by the Parties.

 

		5.3	Sahara
                                         will procure that the construction of the Refinery is completed by 31 December 2019,
                                         subject to Clause 5.4.

 

		5.4	If
                                         the Refinery is not fully operational by 31 December 2019, the Parties agree to meet
                                         on or before said date to discuss the progress of the Refinery construction and, subject
                                         to mutual agreement, to revise the date upon which the Refinery must be fully operational.
                                         Pursuant to this, Sahara must be able to provide supporting documentation to provide
                                         sufficient evidence to satisfy BPGIC that the new operational date will not extend past
                                         March 31st 2020. In the event that Sahara is not able to produce such evidence
                                         the Parties agree to enter into commercial discussions to agree on a lease rate and lease
                                         duration based on the relevant market prices at the time of discussion for the purpose
                                         of negotiating a mutually agreed upon lease agreement to allow BPGIC to utilize the Storage
                                         Capacity. However, if the Parties are not able to agree on such a lease agreement then
                                         BPGIC shall be free to lease the Storage Capacity to a third party.

 

    	 	- 3 -	Hogan Lovells

     

    

 

		5.5	For
the purposes of Clause 11.6, BPGIC shall be entitled to lease out the Storage Capacity from 31 December 2019, until the date upon
which the Refinery is fully operational, subject to both Parties’ timely coordination.

 

		6.	Land
                                         Utilization

 

		6.1	Pursuant
                                         to the terms of the Land Utilization, BPGIC agrees to provide a parcel of land to Sahara
                                         in Fujairah the area of which to be agreed between the Parties in consultation with a
                                         technical advisor to be appointed by Sahara.

 

		6.2	The
                                         land utilization to Sahara pursuant to the terms of the Land Utilization shall be used
                                         by Sahara solely for the purpose of constructing an oil refinery as referred to in Clause
                                         7.

 

		6.3	Sahara
                                         shall not be required to pay any amounts to BPGIC in excess of the Fee unless otherwise
                                         agreed under the Ancillary Agreements.

 

		7.	Construction
                                         of Oil Refinery

 

		7.1	Sahara
                                         agrees to order the construction of a refining unit (the “Refinery”)
                                         and arrange the installation of the Refinery with the assistance of BPGIC on a parcel
                                         of land to be allocated by BPGIC in accordance with the Land Utilization Agreement.

 

		7.2	All
                                         costs associated with the Refinery including financing, procurement, design, construction,
                                         insurances, environmental compliances, permits, approvals, commissioning and testing
                                         shall be payable by and for the account of Sahara.

 

		7.3	Sahara
                                         agrees to construct the Refinery in compliance with the relevant laws, regulations and
                                         best industry standards to accommodate an initial production capacity of 24,000 barrels
                                         per day (“Phase I”). Subject to the agreement of the Parties, which
                                         is intended to be increased in one or more phases up to a potential production capacity
                                         of 250,000 barrels per day.

 

		7.4	Sahara
                                         agrees to use and pay for the exclusive use of the Storage Capacity in accordance with
                                         the Refinery Operating Agreement.

 

		7.5	Sahara
                                         agrees that BPGIC shall be the operator of the Refinery for the exclusive use of Sahara
                                         in accordance with the Refinery Operating Agreement.

 

		7.6	Sahara
                                         shall comply with all Applicable Laws relating to the construction, operation, ownership
                                         and maintenance of the Refinery.

 

		7.7	Following
                                         termination of the Land Utilization Agreement, Sahara shall dismantle the Refinery from
                                         the land and return the land to BPGIC in an acceptable condition. The Parties may also
                                         discuss and agree on any alternative options such as the buyback of the Refinery by BPGIC.

 

		8.	Refinery
                                         Operating Services

 

		8.1	BPGIC
                                         agrees to provide to Sahara refinery operating services pursuant to the terms and conditions
                                         of the Refinery Operations Agreement.

 

		9.	Oil
                                         Storage Services

 

		9.1	BPGIC
                                         agrees to provide oil storage services pursuant to the terms and conditions of the Oil
                                         Storage Agreement.

 

    	 	- 4 -	Hogan Lovells

     

    

 

		9.2	The
                                         Oil Storage Agreement will provide that BPGIC shall provide a storage capacity (the “Storage
                                         Capacity”) of approximately 178,716 cubic metres shell capacity to Sahara,
                                         provided in approximately five tanks.

 

		10.	Storage
                                         Contract

 

The
Parties agree that Sahara intends to enter into a separate storage contract with BPGIC for the storage of 2 million barrels of
crude oil, subject to terms and conditions to be mutually agreed between the Parties. For the avoidance, of doubt this contract
is not included in the definition of Ancillary Agreements.

 

		11.	Fees
                                         and charges

 

		11.1	In
                                         consideration for BPGIC providing the land pursuant to the Land Utilization and providing
                                         the services set out in the Oil Storage Agreement and the Refinery Operating Agreement,
                                         Sahara agrees to pay BPGIC a monthly fee (the “Fee”) which will be
                                         the higher of: (a)                         
                                         per barrel per day calculated on a monthly basis; or (b) the Minimum Payment.

 

		11.2	Sahara
                                         agrees to pay BPGIC a minimum fee equal to                                                              
                                         per year divided over a 12 month period (i.e.                       
                                         per month) (the “Minimum Payment”) regardless of the actual
                                         number of barrels stored and refined.

 

		11.3	The
                                         Fee shall be payable on a monthly basis commencing on the first date of operation of
                                         the Refinery and on the first Business Day of each subsequent month (the “Due
                                         Date”).

 

		11.4	Save
                                         for the Fee and any profit share payable and agreed pursuant to Clause 11, the Ancillary
                                         Agreements shall not provide for any additional fees to be paid by Sahara to BPGIC.

 

		11.5	The
                                         fees and charges set out in this Clause 11 may be reviewed every two years on the anniversary
                                         of the date of this Agreement but may only be varied with the prior consent of both Parties
                                         on an exclusively upwards basis.

 

		12.	Expenses

 

		12.1	In
                                         addition to the Fee payable pursuant to Clause 11, within seven days of a written request
                                         from BPGIC, Sahara shall pay to BPGIC’s bank account the amount needed by BPGIC
                                         to pay or reimburse (as the case may be) the fees and expenses borne by BPGIC, as required
                                         in the Refinery Operation Agreement and the Oil Storage Agreement.

 

		12.2	Any
                                         sum payable and due to BPGIC under the terms of this Agreement which is not paid to BPGIC
                                         by the relevant due date shall bear interest at LIBOR plus 2% from the due date until
                                         the date on which payment is actually made.

 

		12.3	BPGIC
                                         shall be entitled to charge Sahara for any services provided to Sahara in addition to
                                         those listed in the Ancillary Agreements and any expenses incurred in connection with
                                         those services on such basis as shall be agreed by the Parties.

 

		13.	Profit
                                         Sharing

 

Sahara
and BPGIC agree to share       of all profits which Sahara derives
from any and all business introduced to Sahara by BPGIC associated with the Refinery unit through its direct or indirect efforts
including, but not limited to, oil contracts. The terms of the aforementioned structure will be under a separate profit sharing
agreement when such case occurs.

 

    	 	- 5 -	Hogan Lovells

     

    

 

		14.	Duration
                                         and Termination

 

		14.1	This
                                         Agreement shall be deemed to have commenced on the date hereof (the “Effective
                                         Date”) and subject to Clause 12.3 shall continue thereafter for a period of
                                         five years, with an option for Sahara to renew for five additional years then subsequent
                                         period(s) of five years, subject to the Parties’ agreement.

 

		14.2	Following
                                         satisfaction of the conditions in Clause 4, this Agreement will terminate forthwith on
                                         the termination of the Ancillary Agreements.

 

		14.3	The
                                         Ancillary Agreements will provide that if one agreement is terminated then of the Ancillary
                                         Agreements will be automatically terminated.

 

		14.4	Termination
                                         of this Agreement shall be without prejudice to the rights, obligations and liabilities
                                         of the Parties which have accrued prior to the effective date of such termination.

 

		15.	Confidentiality

 

		15.1	Save
                                         where such disclosure is necessary for the purpose of carrying out its obligations under
                                         this Agreement, neither Party shall, without the prior written consent of the other,
                                         disclose to any person any confidential or commercially sensitive information which has
                                         come into its possession or which may in the course of this Agreement come into its possession
                                         relating to the other Party.

 

		15.2	The
                                         Parties shall be bound by the provisions of this Clause 15 for the duration of this Agreement
                                         and a period of three years thereafter.

 

		15.3	The
                                         restriction on disclosure contained in Clause 15.1 shall not apply to the disclosure
                                         of information:

 

		(a)	to
                                         the extent required by law, regulatory authority, stock exchange which the party is in
                                         process of listing in or being listing at, or by an order of court;

 

		(b)	to
                                         any expert engaged by BPGIC and Sahara pursuant to Clause 12.1 where such disclosure
                                         is required for the performance of this Agreement; or

 

		(c)	where
                                         the relevant information is or has become available in the public domain (except as result
                                         of a breach of this Clause 15).

 

		16.	Assignment

 

		16.1	Neither
                                         Party shall assign its rights or transfer its obligations under this Agreement to any
                                         other person, firm or company without the prior written consent of the other Party, subject
                                         to Clause 16.2.

 

		16.2	Sahara
                                         shall be able to assign its rights under this Agreement to an affiliate, or a new entity
                                         created and owned by Sahara for the purposes of this Agreement, provided such assignment
                                         has been approved in advance by BPGIC.

 

		17.	No
                                         partnership or agency

 

Nothing
in this Agreement shall constitute a partnership between BPGIC and Sahara. Neither BPGIC or its staff shall be agents or employees
of Sahara and neither it nor they shall be entitled to bind Sahara or to contract in its name or to create a liability against
Sahara save as expressly authorised in writing by Sahara from time to time.

 

    	 	- 6 -	Hogan Lovells

     

    

 

		18.	Notices

 

Unless
otherwise provided for herein, any notice or other communication to be given under this Agreement shall be in writing and shall
be deemed to have been duly served on, given to or made if it is delivered by hand or sent by prepaid mail.

 

In
the case of BPGIC to:

 

Brooge
Petroleum and Gas Investment Company

Address:

P.O.
Box 50170,

Fujairah
Free Zone

United
Arab Emirates

Attention:
Nicolaas Paardenkooper, CEO

 

In
the case of Sahara to:

 

Sahara
Energy Resources DMCC Address:

JLT
Reef Tower,

Cluster
O, Office #2201,

PO
Box 309082,

Dubai,

United
Arab Emirates

                                                                

 

		19.	Payments

 

		19.1	All
                                         sums payable under this Agreement are expressed excluding VAT. The payor shall pay in
                                         addition to any such sum the VAT (if any) payable at the rates in force from time to
                                         time.

 

		19.2	BPGIC
                                         shall, from time to time, notify Sahara of its bank account details for payments to be
                                         made under this Agreement.

 

		20.	Arbitration

 

		20.1	Any
                                         Dispute 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 20) are deemed to be incorporated by reference into this Clause 20. Capitalised
                                         terms used in this Clause 20 and not otherwise defined in this Agreement have the meanings
                                         given to them in the Rules.

 

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

 

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

 

    	 	- 7 -	Hogan Lovells

     

    

 

		21.	Applicable
                                         law

 

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

 

		22.	Severability

 

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

 

		23.	No
                                         third party rights

 

No
person other than a Party may enforce this Agreement.

 

		24.	Variation
                                         and amendment

 

No
variation, supplement, deletion or replacement of or from this Agreement or any of its terms shall be effective unless made in
writing and signed by an authorised signatory of each Party.

 

		25.	Miscellaneous

 

		25.1	Each
                                         Party agrees to act in good faith in dealing with one another pursuant to this Agreement.

 

		25.2	Subject
                                         to the terms and conditions of this Agreement, each of the Parties will use its commercially
                                         reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to
                                         be done, all things necessary, proper or desirable, or advisable under applicable laws,
                                         so as to permit consummation of this Agreement as promptly as practicable and otherwise
                                         to enable execution of the Ancillary Agreements contemplated hereby and shall use commercially
                                         reasonable efforts to cooperate with the other Party to that end.

 

    	 	- 8 -	Hogan Lovells

     

    

 

	Signed by Nicolaas Paardenkooper,
    CEO	)	 
	 	 	 
	for and on behalf of	)	/s/ Nicolaas Pardenkooper
	 	 	 
	Brooge Petroleum
    and Gas Investment Company FZE	)	 
	 	 	 
	Signed by Wale Ajibade, Managing Director	)	 
	 	 	 
	for and on behalf of	)	/s/ Wale Ajibade
	 	 	 
	Sahara Energy Resources
    DMCC	)	 

 

 

 

	 	- 9 -	Hogan LovellsExhibit 10.62

 

Joint Development Agreement

 

 

Dated 14th May 2019

 

 

 

 

 

 

 

 

 

 

 

		(1)	Brooge Petroleum and Gas Investment Company FZE

 

		(2)	Sahara Energy Resources DMCC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Contents

 

	 	 	Page
	 	 	 
	1	Definitions and Interpretation	1
	 	 	 
	2	Incorporation of BPGIC Sahara Energy Alliance FZE	2
	 	 	 
	3	License to use the tradename “BPGIC”	3
	 	 	 
	4	Ancillary Agreements	3
	 	 	 
	5	Timeline	3
	 	 	 
	6	Road Map / Next Steps	3
	 	 	 
	7	Term	4
	 	 	 
	8	This Agreement	4
	 	 	 
	9	Confidentiality	4
	 	 	 
	10	Assignment	4
	 	 	 
	11	Exclusivity	5
	 	 	 
	12	No partnership or agency	5
	 	 	 
	13	Arbitration	5
	 	 	 
	14	Governing Law	5
	 	 	 
	15	Severability	5
	 	 	 
	16	No third party rights	5
	 	 	 
	17	Variation and amendment	6
	 	 	 
	18	Miscellaneous	6

 

    i

     

    

 

This Joint Development and Agreement
(the “Agreement”)

 

Dated 14 May 2019

 

Between

 

		(1)	Brooge Petroleum and Gas Investment Company FZE, a company incorporated under the laws of
the Fujairah Free Zone and the United Arab Emirates (commercial registration no. 13-FZC-1117) whose registered office is at PO
Box 50170, Fujairah Free Zone, United Arab Emirates (“BPGIC”); and

 

		(2)	Sahara Energy Resources DMCC, a company incorporated under the laws of Dubai Multi Commodities
Centre and United Arab Emirates (commercial license no. 32101) whose registered office is at 2201-C, Reef Tower, JLT, Dubai, United
Arab Emirates (“Sahara”).

 

(each a “Party”
and together the “Parties”)

 

Whereas

 

		(A)	Pursuant to a Refinery and Services Agreement dated 13 March 2019 (the “RSA”),
the Parties have agreed to cooperate together for Sahara to develop a refinery unit in Fujairah, United Arab Emirates (the “Project”).

 

		(B)	Since the execution of the RSA, the parties have been working closely and in good faith to implement
the terms of the RSA towards the development of the Project.

 

		(C)	During this implementation stage, the parties have identified certain key points and steps that
need to be addressed for the purpose of the Project and the execution of the Ancillary Agreements (the “Key Points”).
The parties have agreed to enter into this Agreement for the purpose of working together to discuss the Key Points and agreeing
a road map to complete the steps necessary for the Project to be operational within the agreed period, as set out in the RSA.

 

It is agreed as follows

 

		1	Definitions and Interpretation

 

		1.1	Definitions

 

Capitalized terms and expressions
not defined in this Agreement shall have the same meaning given to them in the RSA

 

“Ancillary Agreements”
means the Land Utilisation Agreement, the Refinery Operations Agreement and the Oil Storage Agreement as defined under the RSA;

 

“Business Day”
means a day (other than a Friday or Saturday) on which banks are generally open in the UAE for normal business;

 

“Dispute”
has the meaning given to it in Clause ‎14.1;

 

“Effective Date”
means the date of this Agreement;

 

“Key Points”
has the meaning given to it in recital ‎(C);

 

    Page 1

     

    

  

“LCIA” means
the London Court of International Arbitration;

 

“Lease Agreement”
means the agreement dated 2 February 2014 between the Fujairah Municipality and BPGIC as novated by the Fujairah Municipality to
the Fujairah Oil Industry Zone pursuant to an agreement dated 1 September 2014 between the Fujairah Municipality, the Fujairah
Oil Industry Zone and BPGIC;

 

“Project”
has the meaning given to it in recital (A);

 

“RSA” has
the meaning given to it in recital (A); and

 

“Rules”
means the DIFC-LCIA Arbitration Centre Rules.

 

“Subsidiary”
has the meaning given to it in clause ‎2.1.

 

		1.2	Interpretation

 

		1.2.1	The headings in this Agreement are inserted for convenience only and shall not affect its construction.

 

		1.2.2	A reference to a particular law is a reference to it as it is in force for the time being taking
account of any amendment, extension, or re-enactment and includes any subordinate legislation for the time being in force made
under it.

 

		1.2.3	Unless the context otherwise requires, words in the singular include the plural and in the plural
include the singular.

 

		1.2.4	The table of contents and clause headings are included for the convenience of the Parties only
and do not affect the Agreement’s interpretation.

 

		1.2.5	References to a Party to this Agreement include the personal representatives, heirs, successors
or permitted assigns (immediate or otherwise) of that Party.

 

		1.2.6	Any obligation not to do anything shall be deemed to include an obligation not to suffer, permit
or cause that thing to be done if it is within the power of the relevant person to prevent that thing being done.

 

		1.2.7	Where the words “include(s)”, “including” or “in
particular” are used in this Agreement, they are deemed to have the words without limitation following them. Where the
context permits, the words other and otherwise are illustrative and shall not limit the sense of the words preceding them.

 

		2	Incorporation of BPGIC Sahara Energy Alliance FZE

 

		2.1	The Parties have been informed by the Fujairah Free Zone Authority that in order for the Parties
to work together towards implementing the Project in the Fujairah Free Zone in accordance with the RSA, Sahara needs to incorporate
an entity to be licensed by the Fujairah Free Zone Authority pursuant to the rules thereof (the “Subsidiary”).

 

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		2.2	Sahara is in the process of incorporating the Subsidiary with the cooperation of BPGIC and for
the avoidance of doubt, as at the operational start date, Sahara shall be the sole owner of the Refinery.

 

		2.3	Once incorporated, and upon agreeing on the Key Points, the Parties agree that the Subsidiary will
be the owner and developer of the Project, and in that capacity, Sahara will cause the Subsidiary to enter into some or all of
the Ancillary Agreements.

 

		3	License to use the tradename “BPGIC”

 

		3.1	To reflect the strong and strategic relationship between the Parties, Sahara and BPGIC agreed to
include their respective names to the name of the Subsidiary, and Sahara has obtained the initial approval of the Fujairah Free
Zone Authority and reserved the name of the Subsidiary as ‘BPGIC Sahara Energy Alliance FZE’ whilst at the same time
being the sole shareholder of the Subsidiary.

 

		3.2	Subject to Clause ‎3.3, BPGIC
(at no cost to Sahara) hereby grants Sahara a royalty free, non-exclusive license to include the tradename “BPGIC”
in the name of the Subsidiary and allows the Subsidiary to use the same solely for the purpose of the Project.

 

		3.3	In the event of the termination of any of the Ancillary Agreements, Sahara agrees to procure that
the Subsidiary shall forthwith remove the initials ‘‘BPGIC’’ from its registered name and shall thereafter
cease to use the initials ‘‘BPGIC’’ in its registered name or as a tradename within a reasonable period
of time.

 

		4	Ancillary Agreements

 

		4.1	As identified in the RSA, the Ancillary Agreements need to be agreed and executed between the Parties
before the Project commences.

 

		4.2	The Parties shall use their best efforts to discuss and resolve the Key Points and finalise the
terms of the Ancillary Agreements within the timeline set out in Clause ‎5.

 

		5	Timeline

 

		5.1	The Parties agree that the timeline of signing all the Ancillary Agreements by 31 March 2019 as
set out in Clause 5.1 the RSA is hereby amended to 1st June 2019 or such later date as may be agreed between the Parties.

 

		5.2	The timeline referenced in Clause 5.2 of the RSA for the completion of the conditions precedent
as set out in Clause 4 of the RSA is hereby amended to the 1st July 2019.

 

		5.3	For the avoidance of doubt all other timelines in the RSA shall remain unchanged.

 

		6	Road Map / Next Steps

 

		6.1	The Parties have agreed to work together in good faith in order to meet the revised timelines referred
to in clause 5 above.

 

		6.2	In parallel, the Parties agree to continue their efforts to finalise the incorporation and licensing
of the Subsidiary.

 

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		6.3	Once the Ancillary Agreements are in agreed form, the Parties will arrange for the execution of
each Ancillary Agreement as soon as reasonably possible.

 

		7	Term

 

		7.1	This Agreement commences on the Effective Date and terminates on the date the RSA is terminated
(for whatever reason).

 

		8	This Agreement

 

		8.1	This Agreement supplements the terms of the RSA in the areas specified in this Agreement.

 

		8.2	Except as specifically varied by the terms of this Agreement, the original terms of the RSA shall
remain in full force and effect.

 

		8.3	In the event of any inconsistency between the terms of this Agreement and the RSA, the terms of
this Agreement shall prevail.

 

		9	Confidentiality

 

		9.1	Subject to both parties agreeing their respective press releases and their announcements to be
made at the signing ceremony for this Agreement and where such disclosure is necessary for the purpose of carrying out its obligations
under this Agreement, or in accordance with the applicable laws, neither Party shall, without the prior written consent of the
other, disclose to any person any confidential or commercially sensitive information which has come into its possession or which
may in the course of this Agreement come into its possession relating to the other Party.

 

		9.2	The Parties shall be bound by the provisions of this Clause ‎9
for the duration of this Agreement and a period of three years thereafter.

 

		9.3	The restriction on disclosure contained in Clause ‎9.1
shall not apply to the disclosure of information:

 

		9.3.1	to the extent required by law, regulatory authority, stock exchange which the party is in process
of listing in or being listing at, or by an order of court; or

 

		9.3.2	where the relevant information is or has become available in the public domain (except as result
of a breach of this Clause ‎9).

 

		10	Assignment

 

		10.1	Neither Party shall assign its rights or transfer its obligations under this Agreement to any other
person, firm or company without the prior written consent of the other Party, subject to Clause ‎10.2.

 

		10.2	Sahara shall be able to assign its rights under this Agreement in part or full, to an affiliate,
or a new entity created and owned by Sahara for the purposes of this Agreement, provided such assignment has been notified in advance
to BPGIC, provided that notwithstanding any such assignment Sahara shall remain liable to fulfil its obligations under this Agreement.

 

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		11	Exclusivity

 

		11.1	BPGIC agrees that during the Term, it will not enter into an agreement with any third party for
the development of a refinery that is designed, or intended to produce the same products as the Refinery, on any of the land leased
by BPGIC pursuant to the Lease Agreement, without the mutual written agreement of both Parties.

 

		12	No partnership or agency

 

		12.1	Nothing in this Agreement shall constitute a partnership between BPGIC and Sahara. Neither BPGIC
or its staff shall be agents or employees of Sahara and neither it nor they shall be entitled to bind Sahara or to contract in
its name or to create a liability against Sahara save as expressly authorised in writing by Sahara from time to time.

 

		13	Arbitration

 

		13.1	Any Dispute 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 ‎13)
are deemed to be incorporated by reference into this Clause ‎13.

 

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

 

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

 

		14	Governing Law

 

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

 

		15	Severability

 

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

 

		16	No third party rights

 

		16.1	No person other than a Party may enforce this Agreement.

 

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		17	Variation and amendment

 

		17.1	No variation, supplement, deletion or replacement of or from this Agreement or any of its terms
shall be effective unless made in writing and signed by an authorised signatory of each Party.

 

		18	Miscellaneous

 

		18.1	Each Party agrees to act in good faith in dealing with one another pursuant to this Agreement.

 

		18.2	Subject to the terms and conditions of this Agreement, each of the Parties will use its commercially
reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary, proper or
desirable, or advisable under applicable laws, so as to permit consummation of this Agreement as promptly as practicable and otherwise
to enable execution of the Ancillary Agreements contemplated hereby and shall use commercially reasonable efforts to cooperate
with the other Party to that end.

 

Signatures Page

 

	Signed by Nicolaas Paardenkooper duly authorised for and on behalf of Brooge Petroleum and Gas Investment Company FZE	 	/s/ Nicolaas Paardenkooper
	 	Authorised Signatory

 

	Signed by Wale Ajibade duly authorised for and on behalf of Sahara Energy Resources DMCC	 	/s/ Wale Ajibade
	 	Manager/Director

 

 

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