Arab Today, arab today dana gas secures 100m project financing for uea offshore gas field
Last Updated : GMT 21:09:51
Arab Today, arab today
Arab Today, arab today

Dana Gas secures $100m project financing for UEA offshore gas field

Arab Today, arab today

Arab Today, arab today Dana Gas secures $100m project financing for UEA offshore gas field

Dana Gas
Abu Dhabi - WAM

Dana Gas, the Middle East's leading regional private sector natural gas Company, is pleased to announce that it has secured, through its wholly owned subsidiary Dana Gas Explorations FZE, a US$ 100 million Term Facility for the Zora Field Development Project. This facility will contribute the debt component of the financing needed to complete the project and bring the Zora gas field on-stream.
The credit facility, with Emirates Bank NBD Capital Limited as Initial Mandated Lead Arranger, Bookrunner and Coordinator, will be provided by the following syndicated banks in their role as "Mandated Lead Arranger and Joint Bookrunners", Emirates NBD Bank, Commercial Bank International, Commercial Bank of Dubai and Barwa Bank . Emirates NBD Bank will also act as the Global Facility Agent, Term Facility Agent, Security Agent and Account Bank while Barwa Bank will act as the Murabaha Investment Agent for the Sharia tranche of this loan.
The repayment for the Term Facility is over a period of 15 quarterly investments and will commence in 2H 2015 on completion of the project and gas production goes on stream, subject to a cash sweep mechanism. The Term Facility is currently scheduled to mature on 30 November 2018. As of 30th June 2014, Dana Gas has spent approximately US$ 49 million as part of the equity financing for the project.
Dr. Patrick Allman-Ward, Chief Executive Officer of Dana Gas said: "This financing agreement demonstrates the confidence leading banks and financers have towards the Zora project. The project work is proceeding as per plan and we remain committed towards bringing the project on-stream in the first half of 2015. Natural gas produced from the field will provide a much needed source of clean energy for the benefit of the Northern Emirates of the U.A.E.." The Zora Gas Field, which spans the territorial waters of Sharjah and Ajman, comprises a tilted fault block structure with a closure of some 25 km2. Once on-stream, Zora will provide an additional source of gas for local power generation in the northern Emirates with an expected production capacity of 40 mmscfd (6,650 boepd).

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dana gas secures 100m project financing for uea offshore gas field Arab Today, arab today dana gas secures 100m project financing for uea offshore gas field

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dana gas secures 100m project financing for uea offshore gas field Arab Today, arab today dana gas secures 100m project financing for uea offshore gas field

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday