September 16, 2018 / 3:47 PM / 10 months ago

CORRECTED-UAE's Brooge Petroleum plans to float 40 pct in London IPO

(Corrects source in lede and 2nd and 4th paras to CEO not vice chairman)

DUBAI, Sept 16 (Reuters) - The United Arab Emirates Brooge Petroleum & Gas Investment Co. plans to float 40 percent of its capital on the London Stock Exchange in October, BPGIC Chief Executive Officer Nicolaas Paardenkooper said on Sunday.

BPGIC is looking to raise $400 million from Emirati and foreign investors in the IPO, to be conducted in a single tranche, he told Reuters in Dubai.

The IPO plan comes as the company plans to boost storage capacity for crude and oil products in the Fujairah oil hub in the UAE.

The company has already secured strategic investors and plans a road show next week in the United States and Europe, he said. (Reporting Rania El Gamal; writing by Maher Chmaytelli)

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