Financial Data and Key Metrics Changes - The company reported a revenue growth of 95% year-over-year to USD 81.5 million in 2022, up from USD 41.8 million in 2021 [9][40] - Adjusted EBITDA increased to USD 54 million in 2022, compared to USD 32.4 million in 2021, representing 66% of revenue [58] - Net profit for 2022 was USD 27.2 million, a 6% increase from USD 25.7 million in 2021 [20] Business Line Data and Key Metrics Changes - The company provided storage capacity of 1,001,388 CBM and related services to 14 customers, generating USD 76 million in storage revenue and USD 1.9 million in ancillary revenue [9][17] - Gross profit increased to USD 56.8 million in 2022, up from USD 26.8 million in 2021, primarily due to the availability of Phase II storage [18] Market Data and Key Metrics Changes - The company regained compliance with NASDAQ listing standards, allowing it to continue trading on the exchange [8][13] - The company is in advanced stages of planning a green hydrogen and green ammonia project, aiming to produce up to 700,000 metric tonnes of green ammonia per annum [35] Company Strategy and Development Direction - The company is considering expanding its storage facilities with a feasibility study for Fujairah Phase III, which would position it as one of the largest independent oil storage facilities in the region [34] - The management is focused on innovation and strategic partnerships, including a partnership with Siemens Energy [11] Management Comments on Operating Environment and Future Outlook - Management provided revenue guidance for over USD 125 million for 2023, an increase of at least 53% year-over-year, based on near 100% contracted storage capacity [36] - The company is addressing material weaknesses in internal controls over financial reporting and has implemented a remediation plan [50] Other Important Information - The company ended 2022 with USD 8.3 million in cash and cash equivalents, total assets of USD 473.7 million, and total liabilities of USD 88.5 million [44] - General and administrative expenses increased by 111% to USD 15.7 million in 2022, primarily due to legal and professional fees [42] Q&A Session Summary Question: When shall we expect the 2022 company financials and restated financials to be filed? - The company filed the audited financials for 2021 and 2022 on April 26, 2023, including restatement of prior years [45] Question: How much debt is on your balance sheet at the end of 2022? - The company had USD 280 million in total current liabilities, with USD 171.7 million related to borrowings [60] Question: Have the bondholders called an event of default or exercised their put option? - The bondholders have not called an event of default, and the company is in constant communication with them to seek waivers on certain technical breaches [61] Question: What steps has the company taken to remedy identified material weaknesses? - The company has put in place a remediation plan to address the identified material weaknesses in internal controls [50] Question: What is the status of the proposed go-private transaction? - The company engaged Grant Thornton for a fairness opinion, and any transaction will require approval from the Board and key stakeholders [52]

Financial Obligations and Structure - BPGIC's obligations under the Bond Financing Facility are secured by substantially all of its assets, with a maximum issue size of $250 million and an initial issuance of $200 million [195]. - The Phase II Financing Facility amounts to $95.3 million, aimed at funding capital expenditures for Phase II [259]. - The company has established a liquidity account with a balance of $8,500,000 to cover interest payments due on the first interest payment date [223]. - The company’s capital structure includes shareholders' equity and debt, with borrowings under the Financing Facilities disclosed in the audited financial information for the period ended December 31, 2022 [1161]. - Total borrowings as of December 31, 2022, amounted to $173.52 million, a decrease from $182.78 million in 2021, representing a reduction of approximately 4.5% [1175]. - Lease liabilities increased to $90.87 million in 2022 from $89.78 million in 2021, reflecting a growth of about 1.2% [1175]. - Accounts payable and other payables (excluding accrued interest) rose to $93.90 million in 2022, up from $86.30 million in 2021, indicating an increase of approximately 8.5% [1175]. - Total due from related parties decreased slightly to $358.30 million in 2022 from $358.86 million in 2021, a decline of about 0.2% [1175]. Operational Risks and Challenges - The Company expects a large portion of future expenses related to the operation of the BPGIC Terminal to be relatively fixed, impacting profit margins if costs change [176]. - If the Company is unable to maintain its margins, it could have a material adverse effect on its business and financial condition [179]. - The Company relies on third-party vendors for its information technology systems, which could pose risks if these vendors cease operations or fail to meet the Company's needs [180]. - The Company’s business continuity procedures may not adequately prevent or mitigate network failures or disruptions [180]. - The Company’s profit margins could be affected by wage increases before it can amend its storage and ancillary service fees [177]. Compliance and Reporting - The Company has not filed required Annual Reports on Form 20-F for fiscal years ended December 31, 2021, and December 31, 2022, due to an ongoing investigation by the SEC [189]. - The Company is classified as an emerging growth company and may take advantage of reduced reporting requirements under the JOBS Act until it no longer meets the criteria [193]. - The company’s financial reporting is prepared in accordance with International Financial Reporting Standards [185]. Insurance and Risk Management - The company maintains a comprehensive insurance program covering property damage, business interruption, and various liabilities, ensuring adequate protection for its operations [1176]. - Premiums for the insurance program are allocated based on insured values and claims history, ensuring compliance with statutory requirements [1177]. Strategic Projects - The company is focused on developing a Green Hydrogen and Green Ammonia Project in Abu Dhabi, utilizing solar power for renewable fuel production [221]. - The Phase I of the BPGIC Terminal consists of 14 oil storage tanks with an aggregate capacity of approximately 0.399 million m [227]. Currency and Liquidity Management - The company does not anticipate changes in interest rates affecting its bonds, as they are not linked to fluctuating rates [1163]. - The company’s contracts, cash activities, and financing arrangements are primarily denominated in US dollars or AED, minimizing currency risk [1169]. - The company is managing liquidity risk through a recurring liquidity planning tool that considers projected financing requirements during the construction phase [1170]. Customer and Credit Risk - The company has a low credit risk exposure with only five customers as of December 31, 2022, and the expected credit loss on trade and other receivables is considered insignificant for 2022 [1166]. - The company has entered into multiple commercial storage agreements with various customers, enhancing its operational capacity [262].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to __________ OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF ...