UAE gas firm Brooge Petroleum eyes London IPO
The report of Brooge's 40% IPO interest comes as work is carried out on Phase 2 of its Al-Fujairah Terminal scheme
The UAE's Fujairah-based Brooge Petroleum and Gas Investment Company (BPGIC) is reportedly planning to float up to 40% of its capital on the London Stock Exchange.
The company wants to raise up to $400m (AED1.4bn) from investors for an initial public offering, according to a report by Reuters citing Nicolaas Paardenkooper, the firm's chief executive officer.
BPGIC has reportedly already secured investors and is planning a roadshow in the US and Europe to drum up support for the IPO.
Meanwhile, work is already under way on Phase 2 of BPGIC's Al-Fujairah Terminal to increase crude oil capacity by more than 600,600m³ across eight tanks. The company expects construction to be completed in Q4 2019.
Located in the east of the UAE, the project includes the construction of new jetty lines, a new pump manifold, and associated infrastructure.
In May 2018, the company achieved a notable achievement on site when it recorded 100,000 working hours without loss-time injury (LTI).
Phase 1, which was completed in November last year, saw 14 storage tanks built with an oil capacity of 398,600m³.
The company was created in 2013 and has since become an important storage asset for the emirate.