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.
Beginning Nov. 1, Southwestern will produce and Tennessee Gas Pipeline, a subsidiary of Kinder Morgan, will transport the responsibly sourced natural gas to Northeast markets.
Maria S. Jelescu Dreyfus co-founded Ardinall, a New York-based independent investment firm focusing on climate change and sustainable investments with an “ESG-based investment approach,” according to a Pioneer release.
James D. Bennett brings over 30 years of experience from the E&P and investment space, which Tellurian Executive Chairman Charif Souki described as invaluable to the company’s goal of enhancing its Haynesville upstream position