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

Brooge Energy

22/12/2019 11:21

DUBAI, Dec 22 (Reuters) - UAE-based Brooge Petroleum and Gas
Investment Co (BPGIC)  BROGU.O  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 sulphur content in shipping fuels.
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 (Reporting by Rania El Gamal; Editing by Susan Fenton)
 ((rania.elgamal@thomsonreuters.com; +971 562 160 434; Reuters
Messaging: rania.elgamal.reuters.com@reuters.net ; Twitter: https://twitter.com/Rania_ElGamal))