Al Khaliji finances Barzan Gas Project

04/01/2012 19:01 AST

Al Khalij Commercial Bank (Al khaliji) Q.S.C participated in the successful financing of Barzan Gas Project, which was inaugurated recently by the Heir Apparent H. H. Sheikh Tamim bin Hamad Al Thani.

The Barzan project received the largest direct bank financing amongst energy projects. The $10.4bn project is a joint venture between Qatar Petroleum and ExxonMobil to produce and process gas from Qatar's North Field. The project is expected to supply 1.4 billion cubic feet per day of gas, with the first gas flow planned for late 2014.

The gas produced by Barzan will serve the energy requirements of power stations and industries in Qatar and go a long way in meeting the country's growing requirements for clean-burning natural gas. The ethane produced by the project will be supplied to the country's petrochemicals industry.

al khaliji Group Chief Executive Officer, Robin McCall said, "We are proud and honored to have al khaliji's name associated with Barzan Gas, which is another important milestone in the country's energy infrastructure development."

With corporate and industrial clientele playing a key role in al khaliji's growth, the Bank is looking to expand its role in financing the energy sector.

"Al khaliji is more than keen to play an important role in the energy sector, and has recently extended financing to various other projects in the industrial city of Ras Laffan," continued Mr. McCall.

Headquartered in Doha, Al khaliji is one of Qatar's leading banks and a member of the Qatar Exchange Index, with approximately QR 23.85bn in total assets and QR11.58bn in customer deposits as of 30 September 2011.

At Al khaliji we believe that success lies in the financial security and development of people to enable them to sustain a prosperous life. Our products and level of service reflect our belief that to be successful, we must meet the needs of both this generation and future generations of employees, customers, investors and business partners.

While financial objectives are key to sustaining our prosperity in any market, at Al khaliji we believe that long-term sustainability is maintained by balancing our commitments to achieving our results, with the commitment towards the development of people and the preservation of natural resources.

Al khaliji is Qatar's pioneer 'next generation bank' offering a full range of conventional banking products and services to retail, business, corporate and institutional customers.

Al Khaliji France is our subsidiary in Paris, France with a network of branches in the UAE covering Dubai, Sharjah, Ras Al Khaima, and Abu Dhabi. This branch network offers customers and businesses local, regional and international banking services.

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