Dubai – Mubasher: Brooge Petroleum and Gas Investment Company (BPGIC) is reportedly planning to raise $400 million in an initial public offering (IPO) on the London Stock Exchange (LSE) prior to the end of 2018. 

The UAE-based firm could utilise the IPO proceed to diversify investor base or increase crude and oil storage capacity in the UAE’s Fujairah oil hub, informed sources told Reuters on Tuesday.

HSBC and First Abu Dhabi Bank (FAB) were named advisors to the deal, some sources said.

“BPGIC is working on the second phase of its storage terminal, which will add 600,000 cubic metres of capacity for crude oil across eight tanks, the company said in a statement in April. The expansion is due to be completed by the fourth quarter of 2019,” the international news agency noted.