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Nakilat secures loan for LNG vessels

LNG Industry,

Nakilat, Qatar’s gas transporter, has secured a US$ 669 million facility with QNB Group, for the refinancing of two existing liquefied natural gas (LNG) vessels, and the purchase of an additional two LNG vessels.

The agreement was signed at a ceremony held at QNB’s head office, and is for the company’s Maran Nakilat Co. Ltd. joint venture.

This is the second refinancing that Nakilat has secured for its Maran Nakilat joint venture in recent months. Through the two transactions Nakilat has arranged a combined total of US$ 1.33 billion in refinancing for its joint venture. The two transactions have allowed Nakilat to double the size of Maran Nakilat’s fleet, from four vessels to eight vessels, and to increase its ownership in the joint venture by 10%.

The two vessels are currently under construction in Korea and will eventually carry LNG cargoes from across the world. Once delivered from the shipyards, this latest addition to Maran Nakilat’s fleet will increase Nakilat’s total LNG vessel count to 58.

Global transporter of LNG
Nakilat managing director, Abdullah Fadhalah Al Sulaiti, commented: “Today’s signing is further confirmation of Nakilat’s financial strength and of our company’s ability and ongoing intention to build upon our position as a leading global transporter of LNG.

“This second refinancing agreement further reinforces Nakilat’s solid relationship with our partner Maran Ventures Inc., to whom we are grateful for their continued collaboration. We also thank QNB for their excellent support throughout this transaction. Nakilat is proud of the firm relationships we have established with Qatari banks and we consider the selection of strong partners to have played a key role in our company’s success.

“I would also like to offer our sincerest thanks to HE Dr. Mohammed Bin Saleh Al Sada, Minister of Energy & Industry and Chairman of Qatar Petroleum and of Nakilat, for his invaluable support of our company and for the wise oversight he provides Qatar’s marine industry. I also thank Nakilat’s Board of Directors for their excellent guidance.”

QNB Group executive general manager, Abdulla Mubarak Al Khalifa, added: “With our proven expertise in arranging project finance, QNB was mandated by Nakilat to lead this deal. We are pleased to be partners in this important project. This milestone project will both boost economic growth and further enhance QNB’s reputation for delivering on large scale transportation projects.”

Adapted from press release by Katie Woodward

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