Qatargas borrows $570 mm for LNG-project

Dec 21, 1996 01:00 AM

Qatar has signed a 12-year $ 570 mm loan with four foreign banks to cover the building cost of one of its three major gas export projects. Qatargas told it signed the loan for building upstream facilities on December 12, although the project has already gone on stream (in September). Qatargas originally sought the loan in 1994. But the deal was delayed because of differences between the participating European banks, one of which eventually pulled out of the syndication. The loan was arranged by France's Credit Lyonnais and Societe Generale, Britain's Barclays Plc and Bahrain-based Gulf International Bank . Five other banks have underwritten the facility. The loan, a mix of buyers' credit and commercial debt, was signed in London. It will cover around 70 % of the cost of drilling wells, building offshore platforms and piping gas onshore to a liquefaction plant. Qatargas officials said shareholders shared the cost during the construction stage. Qatargas is 65 % owned by the Qatar government, 10 % each by Mobil and Total and 7.5 % each by Mitsui and Marubeni corporations. The loan deal signed this month was the second financing arrangement sought by Qatargas to execute the project designed to supply 6 mmtpy of LNG to Japan for 25 years from January 1997.

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