Brooge Petroleum to list on Nasdaq in reverse merger worth $1bn

Brooge Petroleum & Gas Investment Co. plans to list on the Nasdaq this year after agreeing to a reverse merger with Twelve Seas Investment Co. in a deal valued at about $1 billion.

United Arab Emirates-based Brooge operates an oil storage and services business. Twelve Seas is a so-called blank check company, a type of firm that raises money in public markets and plans to acquire or merge with other businesses. Twelve Seas first sold shares to investors in June.

Brooge will own 78 percent of the combined company if the transaction terms are met, according to a statement. The deal is expected to be completed this year at the end of the second quarter or early in the third quarter.

Brooge was founded in 2013 with storage assets in the UAE port of Fujairah. The company will continue to be led by its current management team including CEO Nicolaas Paardenkooper, and its headquarters will remain in Fujairah.

Brooge plans to increase its storage capacity to 1 million cubic meters by late in the second quarter or early in the third quarter of 2020

Dubai’s Tristar inks deal for six oil, chemical tankers

UAE-based oil and gas logistics firm Tristar Group has signed firm contracts for six new build oil and chemical tankers with South Korean shipbuilder Hyundai Mipo Dockyard.

The vessels will be delivered between the middle of May 2020 and the first week of January 2021.

The vessels have been ordered on the back of long-term charter contracts with oil major Shell, Tristar said in a statement.

This follows Tristar’s acquisition of six new build tankers from the same yard in 2016, also with long term charters with Shell.

“Our business model will continue to be built around the needs of customers and we are confident that if we continue to offer best in class services at competitive pricing there will be immense opportunity to leverage the brand equity that we have built over the years,” said Eugene Mayne, founder and group CEO of Tristar.

The ships are expected to be on the water starting from May 2020, he added.

Established in 1998 with headquarters in Dubai, Tristar is a fully integrated liquid logistics company specialising in petroleum and chemical handling and distribution.

Tristar has an operating presence in 20 countries and territories in the Middle East, Africa, Asia, the Pacific and the Americas, with a workforce of about 2,000 people.