Brooge appoints Freshfields as legal advisor on Gulfnav acquisition: Cayman Island-based oil infrastructure provider Brooge Energy has hired British multinational law firm Freshfields Bruckhaus Deringer (Freshfields) as its legal advisor to provide guidance on an acquisition bid from Gulf Navigation (Gulfnav), according to a press release.

Gulfnav put forward a proposal to fully acquire Brooge’s businesses and assets earlier this month, according to a 3 October press release. The company said that the proposed acquisition would be funded through a combination of direct payments and shares, and represents part of the company’s growth strategy which sees it providing an integrated portfolio of services covering oil, gas, and petrochemicals.

Still in early stages: Gulfnav is in the process of conducting due diligence on Brooge, and its advisors are still examining the proposed transaction, the company statement said. The move would be subject to regulatory approval, and is expected to close in 4Q 2023.

What they said: “This anticipated strategic step represents a new stage in our growth journey; and while we are still at an early stage, we believe this expansion would contribute to further broadening our customer base and improving their experience by enhancing the logistics services that complement our business units,” board member and Managing Director of Gulfnav Ahmed Kilani said in statements cited by the release.

About Brooge: Founded in 2013, Brooge is a leading player in the crude oil storage sector with facilities and terminals applying advanced technologies. The company’s only subsidiary, Brooge Petroleum and Gas Investment Company (BPGIC), is located in Fujairah where it is a market leader in the storage of crude oil products, fuel oil, refined fuel products, and crude oil extraction. BGPIC infrastructure in Fujairah has the capacity to store 6.3 mn barrels of oil, according to figures cited in Gulfnav’s statement.

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