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Twelve Seas to buy U.A.E.'s Brooge Petroleum in $1 billion deal

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Christian Fernsby |
Brooge Petroleum and Gas Investment
Acquisition   Brooge is an oil storage and services business based in the United Arab Emirates

Twelve Seas Investment Co. agreed to acquire Brooge Petroleum and Gas Investment Co. in a deal valued at about $1 billion.

Brooge is an oil storage and services business based in the United Arab Emirates. Twelve Seas expects the acquisition to be completed this year at the end of the second quarter or early in the third quarter, according to a statement.

Upon completion of the deal, 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.


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