Norton Rose Fulbright has announced that it has advised The Oil and Gas Holding Company B.S.C (c) (nogaholding), the investment and business development arm of National Oil and Gas Authority (NOGA), on the development and financing of the Bahrain LNG import terminal.
The development and financing of the LNG import terminal reached final close on 5 December 2016.
Bahrain’s first LNG project will also be the first LNG receiving and regasification terminal in the Middle East developed on a public-private partnership (PPP) basis.
The LNG project, which is expected to be completed in early 2019, will have an initial capacity of 400 million ft3/d.
Norton Rose Fulbright advised on the onshore and offshore aspects of the LNG project, including the development, construction and shipping aspects, as well as on the financing, which involved a syndicate of nine international and regional banks participating in the US$ 741 million loan.
The Bahrain LNG import project will comprise a floating storage unit (FSU), an offshore LNG receiving jetty and breakwater, an adjacent regasification platform, subsea and onshore gas pipeline connecting the regasification platform to an onshore gas receiving facility, and an onshore nitrogen production facility.
The developer and owner of the project, Bahrain LNG W.L.L., is jointly owned by nogaholding (30%) and a consortium consisting of Teekay LNG Partners L.P. (30%), Gulf Investment Corp. (24%) and Samsung C&T (16%). The project was awarded to the consortium in December 2015.
Nick Prowse, Partner, Norton Rose Fulbright, said: “Against a backdrop of a challenging financing market, we are delighted to see such a significant transaction reach financial close. As a major strategic project for the Kingdom of Bahrain and the first LNG venture for the country, the Bahrain LNG project will assist in securing LNG supply and provide energy security for the future of the country.”
Charles Whitney, Partner, Norton Rose Fulbright, added: “Bahrain LNG is another example of a well-structured project in Bahrain that was successful in attracting high quality project finance banks, this time led by K-SURE. The project has been identified by the government of Bahrain as a key component in its plans for the further expansion of the energy and related sectors, and we are pleased to have assisted the Kingdom of Bahrain in achieving its strategic goals.”
Read the article online at: https://www.lngindustry.com/regasification/15122016/norton-rose-fulbright-advises-on-bahrain-lng-project/