EMEA News
Dubai Company Launches New Bunkering Business
The Khoie Group (Khoie) of Dubai, United Arab Emirates (UAE) is launching an expanded bunkering business as part of an effort to ramp up its downstream energy sector, business news site AMEinfo reports.
The company, which operates in a number of sectors, including property development and manufacturing as well as oil and gas, has formed its West Asia Petroleum subsidiary for oil tanking, logistics, and distribution.
Khoie is seeking $200 million in financing for the new division, which is based in the Hamriyah Free Zone in Sharjah, through a five-year Islamic bond, or sukuk.
"Our strategy is to be overfunded and then scale back to achieve the best terms and conditions," said Frank Khoie, Group chief officer of the company.
"We're at a very important stage where all the different tranches are being finalized and negotiated.
"We're well on schedule and will close the financing soon."
Khoie currently offers bunkering services to ships at UAE ports, as well as oil refining, storage, shipping & logistics, and other related services, and has trading offices in Dubai, India, Africa and Singapore, according to its website.
