AJMAN, 25th September, 2024 (WAM) — Gulf Navigation Holding PJSC (GULFNAV), the Dubai Financial Market listed maritime and shipping company, announced decisions made by its Board of Directors regarding the acquisition of companies and assets owned by Brooge Energy Limited (Brooge), a Leading crude oil, fuel oil and refined fuel products storage company Listed on NASDAQ.
The Board has approved key strategic terms related to the acquisition and capital increase, which will be presented to the Company’s shareholders at the General Assembly after obtaining the approval of the Securities and Commodities Authority.
The new expansionary step is a continuation of the Company’s strategy to enhance growth and provide an integrated portfolio of logistical services related to oil, gas and petrochemical products. Brooge, headquartered in the Emirate of Fujairah, is a leading company in the storage of crude oil products, fuel oil and refined fuel products. Brooge has a capacity of one million cubic meters of crude oil and oil derivatives, enabling the company to store 6.3 million barrels of oil. The company aims to double its storage capacity in the coming years.
Brooge was founded in 2013, and today it is one of the most technologically advanced companies in the crude oil storage services…