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January 27, 2020

UAE storage firm makes trading debut on Nasdaq

By MEED   

UAE-based Brooge Petroleum & Gas Investment Company (BPGIC) made its shares trading debut on the New York Stock Exchange (Nasdaq) on 20 January.

Days ahead of its stock trading debut, BPGIC also completed its merger with US-based Twelve Seas Company

BPGIC said in a statement its company value now exceeds $1bn.

Days ahead of its stock trading debut on the Nasdaq index, BPGIC completed its merger with US-based Twelve Seas Company.

The merger and stock listing were aimed at establishing a global presence with access to liquid markets that could support the company’s expansion plans, BPGIC said.

BPGIC is an oil storage and services business, set up in 2013 in the emirate of Fujairah, where it is one of the largest holders of storage assets.

The company originally planned to float 40% of its capital on the London Stock Exchange in 2018 and had engaged HSBC and First Abu Dhabi Bank as advisers to work on the public share sale, but that plan was later shelved.

BPGIC operates a 400,000 cubic-metre-capacity storage facility, comprising 14 tanks, for middle distillates and fuel oil. The complex was commissioned in January 2018.

The company is at present working on the second phase of its storage terminal, which will add 600,000 cubic metres of capacity for crude oil across eight tanks.

When commissioned in the first quarter of 2020, phase two of the facility will take Fujairah-based BGPIC’s total storage capacity to one million cubic metres.

Separately, BPGIC, in a joint venture (JV) with Nigeria-based Sahara Energy Resources, has undertaken a project to build a topping refinery unit in Fujairah.

In September last year, the JV announced awarding the main contract for the project to a consortium of Spanish industrial contracting firm Sener and Singapore-based Audex.

The first phase of the planned 250,000 barrel-a-day (b/d) topping unit, which will have a 25,000 b/d capacity, will be completed in the first quarter of 2020, the BPGIC and Sahara Energy JV said.

The plant will produce bunker fuel that complies with the International Maritime Organisation’s (IMO) new low-sulphur shipping fuel regulations, among other products.

This article is published by MEED, the world’s leading source of business intelligence about the Middle East. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED’s Middle East business intelligence, subscribe here

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