Gulf Navigation completes acquisition of Brooge Energy assets in major expansion move

Gulf Navigation Holding PJSC, the Dubai Financial Market-listed maritime and logistics company, has completed the acquisition of all assets of Brooge Energy Limited and its subsidiaries, marking a significant milestone in the group’s strategic growth and transformation.

The acquisition strengthens Gulf Navigation’s position as a fully integrated provider of maritime services and energy infrastructure solutions within one of the world’s key oil storage and trading hubs. The deal brings Brooge’s modern storage and blending facilities under Gulf Navigation’s ownership, allowing the company to offer expanded, end-to-end logistics and infrastructure services to the regional energy sector.

Gulf Navigation expands energy infrastructure

As part of the transaction, Gulf Navigation increased its share capital from approximately AED837 million to AED1.65 billion. The company also issued mandatory convertible bonds to Brooge shareholders, with total share capital expected to reach around AED3.5 billion upon conversion.

Ahmed Al Kilani, Chief Executive Officer of Gulf Navigation Holding PJSC, said: “The completion of this strategic acquisition marks a defining moment in Gulf Navigation’s transformation. By integrating Brooge’s world-class storage and blending infrastructure, we are building a more advanced, diversified, and resilient energy logistics platform enhancing our ability to support the UAE’s growing prominence in global energy markets.”

Saif Al-Hazaymeh, CEO of Brooge Petroleum & Gas Investment Company (BPGIC), added: “This achievement demonstrates our combined strength and readiness to accelerate operational integration and unlock the full potential of this strategic transaction.

“During ADIPEC 2025, and alongside the Ministry of Energy and Infrastructure, we announced the signing of an agreement with Honeywell to obtain the license for constructing the first refinery dedicated to producing high-quality gasoline in the Emirate of Fujairah.”

He said the refinery project will be developed in several phases, with the first phase expected to deliver a refining capacity of around 15,000 barrels per day. The facility will employ advanced processing and refining technologies to maximise efficiency and sustainability.

Looking ahead, Gulf Navigation plans to expand its portfolio into refining, renewable energy, and clean fuel development while strengthening its core shipping and logistics operations.

The company’s expanded asset base and stronger balance sheet will support new investments in next-generation energy infrastructure aligned with the UAE’s Net Zero 2050 strategy and the global transition towards sustainable energy systems.