Twelve Seas Investment Company has agreed to acquire UAE-based Brooge Petroleum and Gas Investment Company (BPGIC) for $1 billion. 

Twelve Seas expects the transaction to close at the end of the second quarter 2019 or early third quarter of 2019, subject to certain closing conditions. 

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.

Bryant Edwards, COO and Director of Twelve Seas, said: “This transaction represents an exciting opportunity for foreign public investors, and specifically those that invest in Nasdaq company stocks, to invest directly into the dynamic and growing oil and gas infrastructure sector within the UAE. Today’s announcement comes less than two months after the investment by the global investment firms of KKR and Blackrock, who purchased cash flow streams derived from national pipelines in the UAE. Through BPGIC’s NASDAQ listing, investors can have a direct ownership interest in an exciting company with exposure to the same growing oil and gas infrastructure in the UAE.”

Nicolaas Paardenkooper, CEO of BPGIC commented: “We are excited to enter into this agreement with Twelve Seas as it provides us with the ability to enter the US capital markets and provide this unique opportunity to investors globally. The US capital markets are the largest in the world and include sophisticated investors with large investments in similar public companies within our industry. We look forward to the opportunity to demonstrate our industry leading operations in the emerging global hub for oil at the Port of Fujairah in the UAE. This transaction enables BPGIC to continue its exciting growth and accelerate future opportunities.”

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16th April 2019