GULFNAV Submits Proposal to Acquire All of the Businesses and Assets of Brooge Energy Limited

NEW YORK, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Brooge Energy Ltd, (“Brooge Energy” or the “Company”) (NASDAQ: BROG), a Cayman Islands-based infrastructure provider, which is currently engaged in clean petroleum products and biofuels and crude oil storage and related services, today announced receiving a formal proposal submitted by Gulf Navigation Holdings PJSC (“GULFNAV”), the Dubai Financial Market listed maritime and shipping company, to acquire fully all of the businesses  and assets from Brooge Energy Limited (“BEL”).

GULFNAV has stated that this proposed acquisition is part of its strategy to enhance growth and provide an integrated portfolio of logistical services related to oil, petrochemicals and gas. The proposed acquisition is still in an early stage, as GULFNAV is in the process of conducting further due diligence on the Company and its legal and financial advisors continue to evaluate the proposed transaction. In addition, BEL has not responded to GULFNAV’s proposal and there is no guarantee it will accept the proposal. The proposed transaction, if it moves forward, would be subject to customary closing conditions for transactions of this nature, including obtaining the necessary regulatory approvals. GULFNAV is optimistic that the proposed transaction, if agreed by both parties, would target closing in the fourth quarter of 2023. Nevertheless, any developments regarding the deal and the timeline will be appropriately disclosed to the market in due course.

Brooge Energy’s subsidiary Brooge Petroleum and Gas Investment Company FZE (“BPGIC”) is currently one of the most technologically advanced companies in the crude oil storage services sector, as the Company’s facilities and terminals use advanced technologies consistent with the best international standards. BPGIC has strengthened its investments and presence in the Emirate of Fujairah thanks to its important strategic location globally, and that it is an important hub in oil storage. Expectations indicate that the oil storage sector in the UAE will witness further development in light of the growing demand witnessed by the market.

GULFNAV supports some of the Middle East's largest oil & gas companies with a fleet of first-rate tankers, offshore support vessels and crew boats; complemented by the full spectrum of ship management and agency services. GULFNAV works with some of the world’s largest petrochemical companies and independent trading houses, specializing in the transportation of crude oil and chemical products. With its headquarters in Dubai, the GULFNAV also provides its services from the ports of Fujairah and Khorfakkan, along with an overseas office in the Kingdom of Saudi Arabia.