UAE-based Brooge Petroleum and Gas Investment Co. (BPGIC) said it will start trading on New York's Nasdaq stock exchange on Dec. 23, following its merger with U.S. company Twelve Seas Investment Co.
Oil storage company BPGIC completed the merger on Dec. 20, it said in a statement on Dec. 22, 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.
Jay Graham is back after the successful sale of WildHorse Resource Development to Chesapeake Energy with a new venture—this time in the Permian Basin.
The Alta Mesa transaction represents the sixth acquisition by partnerships between Tom Ward-led Mach Resources and private equity firm Bayou City Energy Management.
Pioneer confirmed today the sale of its remaining Eagle Ford Shale assets to a Warburg Pincus-backed company, finalizing its status as a Permian Basin pure-play company.