Following the recent announcement of the United Arab Emirates’ Brooge Petroleum and Gas Investment Co (BPGIC) and Twelve Seas Investment Co. merger, BPGIC has said it will list on the Nasdaq stock exchange following the closure of the combination agreement.
The $1 billion deal is expected to be finalised before July 1, Brooge said in a statement. The move is part of the UAE-based oil storage company’s strategy.
BPGIC, was founded in 2013 to capitalise on an anticipated need for oil storage capacity at the Port of Fujairah, in the UAE, which was anticipated to become an important oil hub. Today, the Port of Fujairah is one of the most attractive storage hubs and a key strategic trading node globally. Twelve Seas’ management believes that BPGlC’s award winning state-of-the-art terminals offer the industry’s most advanced technologies, ensuring the highest level of service to clients. BPGIC is developing terminals in phases and aims to have a total capacity of 1 million cbm following the scheduled completion of the second phase of construction by late Q2 or early Q3 in 2020.
Following the closing of the Transaction, BPGIC will continue to be led by its current management team with Nicolaas Paardenkooper as Chief Executive Officer, Lina Saheb, as Chief Strategy Officer, and Faisal El Selim as Chief Marketing Officer. BPGIC will remain headquartered in Fujairah, UAE.
For more information visit www.bpgic.com