Dubai-based maritime and shipping company Gulf Navigation (GulfNav) has formally proposed the complete acquisition of all businesses and assets from fuel and crude storage provider Brooge Energy Limited. GulfNav has stated that this proposed acquisition is a key component of its growth strategy, aimed at providing an integrated portfolio of logistical services related to oil, petrochemicals, and gas. The proposed acquisition is currently in its early stages, with GulfNav conducting further due diligence on the company, while its legal and financial advisors continue to evaluate the proposed transaction. Brooge Energy has yet to respond to GulfNav’s proposal, and there is no guarantee that it will be accepted. Nevertheless, GulfNav remains optimistic that the proposed transaction could be closed in the fourth quarter of 2023. It is noteworthy that Brooge Energy’s subsidiary, Brooge Petroleum and Gas Investment Company FZE, is currently one of the most technologically advanced companies in the crude oil storage services sector, with a strong presence in the Emirate of Fujairah, an important hub in oil storage. Expectations indicate that the oil storage sector in the UAE will witness further development, given the growing demand witnessed by the market. GulfNav owns a fleet of four Type 2 chemical tankers, namely the 2009-built Gulf Deffi and Gulf Jalmuda, and the 2008-built Gulf Huwaylat and Gulf Fanatir. In addition to the tankers, it owns an IRS-class well-stimulation vessel, Allianz Warrior, a livestock carrier, Gulf Livestock, and four offshore supply vessels.