Nakilat Expands LNG Fleet with Three New Vessels

22/04/2014 17:41 AST

Nakilat, Qatar's premier gas transporter, has added three new LNG vessels to its fleet through its joint venture Maran Nakilat Co. Ltd., which has closed US $807.4m of refinancing provided by Qatar Islamic Bank ( QIB ) and Barwa Bank .

The refinancing deal was signed during a ceremony held in Doha on Tuesday 22nd April and attended by senior representatives from Nakilat, QIB and Barwa Bank . The contracts were signed by Eng. Abdullah Fadhalah Al Sulaiti, Managing Director of Nakilat, on behalf Nakilat; Bassel Gamal, QIB Group CEO, on behalf of QIB ; and Khalid Al Subeai, Acting Chief Executive Officer of Barwa Bank , on behalf of Barwa Bank .

The three new LNG carriers will be added to Maran Nakilat Co. Ltd., Nakilat's joint venture with Greek shipping company Maran Ventures Inc. These new vessels increase the joint venture's total fleet from eight vessels to 11 and will be used in international trade, growing Nakilat's LNG fleet from 58 vessels to 61, and expanding Nakilat's total fleet -- including both LNG and LPG carriers -- from 62 vessels to 65.

Maran Nakilat Co. Ltd. has grown its fleet's capacity over three different stages. The initial fleet of four vessels had a cargo capacity of 580 thousand cubic-meters. The expanded fleet of 11 vessels now has a cumulative capacity of 1.7 million cubic meters. In June 2013 Nakilat also increased its ownership of the joint venture from 30 per cent to 40 per cent.

Eng. Abdullah Fadhalah Al Sulaiti, Managing Director of Nakilat, commented: "We are thankful for this excellent addition to our company, through refinancing and adding new ships to our fleet, which in turn will definitely strengthen the role of Nakilat as a leader in the global gas transportation market. We are dedicated to the continual enhancement of Nakilat's position as the world's leading LNG shipping company and support from the State of Qatar's financial institutions enables us to achieve this goal.



"We thank Maran, QIB and Barwa Bank for their continued and valued collaboration. Through these strong relationships, Nakilat is able to maintain the State of Qatar's prime position in the global LNG shipping market and to continue to capitalize on further opportunities for the growth of our great nation's marine transportation sector."

Commenting on the financing agreement, Bassel Gamal, QIB Group CEO, said: "We at QIB are proud of our strategic partnership with Nakilat. This agreement marks our third co-financing of the company in a span of two years; it bears witness to Nakilat's confidence in our capability to provide financial solutions that fulfill their financing needs and befit their expanding scope of activity."

Mr. Gamal Added: "The signing of this agreement confirms the Bank's strategy and commitment to providing financial Islamic solutions that meet the requirements of its institutional and corporate clients, and its contribution in supporting the national companies in line with Qatar vision 2030 to build a stronger economy."

Mr. Gamal Concluded: "This partnership between QIB and Barwa Bank in financing is a testament of the strong cooperation between financial institutions in Qatar to support strategic projects."

Khalid Al Subeai, Acting Chief Executive Officer of Barwa Bank commented: " Barwa Bank is proud to have been chosen for this important refinancing transaction. The signing of this agreement confirms our strong relationship with corporates which has enabled us, in a short time, to become the partner of choice for a number of major corporations such as Maran Nakilat Company.

Press Release