Gulf Navigation Holding, the Dubai Financial Market listed maritime and shipping company, has submitted a formal proposal to acquire Brooge Petroleum and Gas Investment Company (BPGIC) from Brooge Energy Limited, a leading oil refinery and storage company. The proposed transaction is part of the company’s strategy to enhance growth prospects and provide an integrated portfolio of logistical services related to oil, gas and petrochemical products. BPGIC, in Fujairah, has a capacity of 1 million m3 of crude oil and oil derivatives, enabling the company to store 6.3 million barrels of oil.
Gulf Navigation says the proposed acquisition is still at an early stage, with due diligence under way and legal and financial advice being sought. In addition, Brooge has not responded to the proposal and there is no guarantee it will accept the bid. The transaction, if it moves forward, would also be subject to obtaining the necessary regulatory approvals but could be closed by the end of this year, if all goes well.
Ahmed Kilani, Board Member and Managing Director, says, “Gulf Navigation is exploring opportunities and prospects for growth and expansion through acquisitions and mergers as well as entering new markets. With this approach, we aim to provide a more flexible and comprehensive logistics services hub for our clients.”
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