Dubai-based ship operator Gulf Navigation Holding PJSC has submitted a proposal to fully acquire Brooge Petroleum and Gas Investment Company from Brooge Energy Limited, an oil refinery and storage company listed on NASDAQ.

Gulf Navigation said in a statement on Tuesday that the proposed acquisition will be funded through a combination of cash and shares. It did not disclose any terms for the potential acquisition.

The oil shipper pivoted to a net profit of $3.8 million in Q2 2023 from a net loss of $1.1 million in the year-ago period and had said the outlook for the remainder of the year looked positive.

It said the proposed acquisition is part of its strategy to expand its portfolio of logistical services related to oil, gas and petrochemical products.

Brooge Petroleum and Gas Investment, which is located in Fujairah, is active in the storage of crude oil products, fuel oil, refined fuel products and crude oil extraction. It has a capacity of one million cubic meters of crude oil and oil derivatives, enabling the company to store 6.3 million barrels of oil.

(Writing by Brinda Darasha; editing by Seban Scaria)