Nakilat Joint Venture Signs US $669m Refinancing With QNB

30/01/2014 10:27 AST

Qatar Gas Transport Company Ltd. (Nakilat) has secureda US $669 million facility with QNB Group for the refinancing of two existingLNG vessels and the purchase of two additional LNG vessels by its Maran NakilatCo. Ltd. joint venture.

The agreement was signed at a ceremony held at thehead office of QNB, with a number of senior officials from both sidesattending.

This is the second refinancing that Nakilat hassecured for its Maran Nakilat Co. Ltd. joint venture in recent months. Throughthe two transactions Nakilat has arranged a combined total of US $1.33 billionin refinancing for its Maran Nakilat Co. Ltd. joint venture.

Together the two transactions have allowed Nakilat todouble the size of Maran Nakilat Co. Ltd.’s fleet — from four vessels to eightvessels — and to increase its ownership in the joint venture by 10 percent.

The two vessels being added to Maran Nakilat Co.Ltd.’s fleet are currently under construction in Korea. These vessels willcarry LNG cargos from across the world. Once delivered from the shipyards, thislatest addition of two vessels to Maran Nakilat Co. Ltd.’s fleet will increaseNakilat’s total LNG vessel count from 56 to 58.

Upon the occasion of the signing, Eng. AbdullahFadhalah Al Sulaiti, Managing Director of Nakilat said: “Today’s signing isfurther confirmation of Nakilat’s financial strength and of our company’sability and ongoing intention to build upon our position as a leading globaltransporter of LNG.

Commenting on the financing agreement, Mr. Abdulla Mubarak Al Khalifa, the ExecutiveGeneral Manager and Chief Business Officer at QNB Group said: “With our provenexpertise in arranging project finance, QNB was mandated by Nakilat to leadthis deal. We are pleased to be partners in this important project. Thismilestone project will both boost economic growth and further enhanceQNB’s reputation for delivering on large scale transportation projects.”

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