Brooge Energy Limited, a midstream oil storage and Service provider in the United Arab Emirates (UAE), has announced that its wholly-owned subsidiary, Brooge Petroleum and Gas Investment Company FZE (BPGIC), is pursuing the issuance of a new 5-year senior secured bond of up to US$200 million in the Nordic bond market, according to a press release.
According to the statement, all proceeds generated from the new bond issue are expected to be used to repay existing debt and to fund remaining capital expenditures for the company’s Phase II project.
Phase II is a storage expansion project that will increase Brooge’s total oil storage capacity to 6.3 million barrels of oil (mmbbl/d), from its current capacity of 2.5 mmbbl/d.
