World News

UAE’s Brooge Petroleum to start trading on Nasdaq on Monday

DUBAI (Reuters) – UAE-based Brooge Petroleum and Gas Investment Co (BPGIC) said it will start trading on New York’s Nasdaq stock exchange on Monday, following its merger with U.S. company Twelve Seas Investment Co.

Oil storage company BPGIC completed the merger on Friday, it said in a statement on Sunday, and its valuation now exceeds $1 billion.

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

BPGIC, which was set up in 2013, is one of the largest holders of oil storage assets in Fujairah.

In September, BPGIC awarded a contract to Spain’s SENER engineering group to build an oil refinery in Fujairah, located just outside the Strait of Hormuz, a key shipping lane.

The plant will produce bunker fuel that complies with new international laws capping sulfur content in shipping fuels.

(Reporting by Rania El Gamal; Editing by Susan Fenton)

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