Dubai-listed GulfNav announced on 28 May that it has signed a sale and purchase agreement (SPA) with Nasdaq-listed Brooge Energy for a AED3.3bn ($900mn) purchase of its assets and subsidiaries; namely Brooge Petroleum and Gas Investment Company (BPGIC) FZE, Brooge Petroleum and Gas Investment Company Phase III FZE, and BPGIC Phase 3 Limited.
The transaction is expected to close by the end of 3Q 2025, and will grant GulfNav ownership of substantial tankage in the key regional storage and bunkering hub of Fujairah. BPGIC operates its Phase I and Phase II facilities at Fujairah which comprise of 22 tanks with approximately 1mn m³ (6.3mn barrels) of storage. It is capable of storing crude oil, fuel oil and clean products. (CONTINUED - 462 WORDS)
