The Dubai shipping firm Gulf Navigation has ticked off one major milestone in its ongoing turnaround by getting shareholder approval to take over the assets and companies owned by Brooge Energy Ltd. The value of the deal is pegged at Dh3.2 billion.
The takeover plan was announced back in October 2023 but has taken time to go through the many processes before it was finally cleared by Gulf Navigation’s shareholders.
A Cayman Islands based entity, Brooge is into crude oil storage and related services. One of its subsidiaries – Brooge Petroleum and Gas Investment Company – is based out of the Fujairah Port.
Gulf Navigation will take over this entity as well as Brooge Petroleum and Gas Investment Company Phase III FZE and BPGIC Phase 3 Ltd..
“The transaction is expected to significantly enhance Gulf Navigation’s operational capabilities and market position, solidifying its presence in the midstream oil and gas and logistics sectors,” said a statement.
Source: Gulf News
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