Dubai-based ship operator Gulf Navigation Holding PJSC has put forward a comprehensive proposal to acquire Brooge Petroleum and Gas Investment Company from Brooge Energy Limited, a publicly listed oil refinery and storage firm on NASDAQ.
In a statement released on Tuesday, Gulf Navigation disclosed that the prospective acquisition would be financed through a blend of cash and shares. However, specific terms and conditions of the potential acquisition were not divulged.
This move comes on the heels of Gulf Navigation’s remarkable financial performance, swinging from a net loss of $1.1 million in the same period last year to a net profit of $3.8 million in the second quarter of 2023. The company expressed optimism regarding the outlook for the remainder of the year.
Gulf Navigation asserted that this proposed acquisition aligns with its strategic vision to diversify and broaden its range of logistical services associated with oil, gas, and petrochemical products.
Brooge Petroleum and Gas Investment, headquartered in Fujairah, is actively engaged in the storage of crude oil products, fuel oil, refined fuel products, and crude oil extraction. With a substantial capacity of one million cubic meters dedicated to crude oil and oil derivatives, the company has the capability to store an impressive 6.3 million barrels of oil.
As Gulf Navigation Holding moves forward with its proposal, it signifies the company’s intent to further strengthen its position in the oil and gas sector, seizing opportunities for growth and expansion within the industry.
