Dubai-listed maritime services firm GulfNav has submitted a formal proposal to fully acquire Brooge Petroleum and Gas Investment Company (BPGIC) from its Nasdaq-listed parent company Brooge Energy. BPGIC operates a 1mn m³ (6.3mn barrels) oil storage facility at Fujairah, and has plans for a 2.5mn m³ Phase 3 expansion and a 25,000 b/d refinery at Fujairah.

In a 3 October statement, GulfNav said the acquisition would be funded through a combination of cash and shares in GulfNav and that, pending due diligence, the transaction could be completed as early as this quarter. Brooge Energy’s profits have soared in recent months, from $3.8mn in 1H 2022 to $37.4mn in 1H 2023 as Fujairah has benefited from changing global trade flows (MEES, 23 September 2022). (CONTINUED - 202 WORDS)