bahrains oil and gas industry gets financial boost
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
Arab Today, arab today

Bahrain's oil and gas industry gets financial boost

Arab Today, arab today

Arab Today, arab today Bahrain's oil and gas industry gets financial boost

national oil and gas authority
Manama - BNA

Nogaholding, the investment and business development arm of Bahrain’s National Oil and Gas Authority (NOGA) today announced it has signed a five year US$570 million multi-bank Murabaha facility to support investment into a number of large scale oil and gas projects within the Kingdom of Bahrain.
The $570 million sharia-compliant, five year financing is the first foray for nogaholding into the syndicated credit markets, and marks the beginning of a number of strategically important growth projects for nogaholding and Bahrain’s energy industry.
The transaction was well-received by the market and demand from participating banks was strong, despite the volatile market conditions as a result of continued low oil prices. The facility size was increased by 60% due to investor demand and the book was significantly oversubscribed.

The syndicated facility consists of the following ten international, regional and local banks: Arab Banking Corporation (ABC), Ahli United Bank (AUB), Arab Petroleum Investments Corporation (APICORP), Gulf International Bank (GIB), and National Bank of Bahrain (NBB), Qatar Islamic Bank (QIB), Kuwait Finance House (KFH), The Bank of Tokyo-Mitsubishi UFJ (MUFG), BNP Paribas, and HSBC.

This is the first time nogaholding has accessed the financing markets for a multi-bank facility since its creation in 2007. nogaholding has substantial expansion plans and expects to invest in excess of $7 billion across several separate ventures in the next five years.

The facility will enable nogaholding to invest in a number of profitable projects in Bahrain. These include three key developments: the BAPCO Modernisation Programme, the LNG Import Terminal, and the Bahrain Gas Plant Project (part of Bahrain National Gas Expansion Company).

For BAPCO, the Middle East’s longest standing refinery with a capacity of 260,000 barrels per day, nogaholding will invest in a substantial modernisation programme. In addition, nogaholding will support the Bahrain LNG Import Terminal Project launched in December 2015 on a BOOT (‘build-operate-own-transfer’) basis with a consortium of international investors (Teekay, Samsung C&TR and GIC). The project comprising an offshore receiving and regasification facility, subsea gas pipelines and an onshore gas receiving facility.

Nogaholding will also invest in the new gas plant project of the Bahrain National Gas Expansion Company, which is set to further increase gas processing capacity within Bahrain for the production of natural gas liquids (NGLs).

Commenting on today’s announcement, Shaikh Mohamed bin Khalifa Al Khalifa, CEO of nogaholding says:
"I am pleased to announce the closing of this syndicated financing which is designed to help nogaholding fulfil its ambitious plans to further expand its portfolio. We were very pleased with the strong support for the transaction among Bahraini, international and regional banks alike. This is an investment in the future and highlights our continued efforts to grow the Kingdom of Bahrain’s oil and gas assets and position our nation as a significant regional and international player. We are embracing the opportunity presented by the prevailing challenging market conditions and are pleased our new bank syndicate shares our enthusiasm and excitement for the robust projects this financing will used for."

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*

bahrains oil and gas industry gets financial boost bahrains oil and gas industry gets financial boost

 



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*

bahrains oil and gas industry gets financial boost bahrains oil and gas industry gets financial boost

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation

GMT 22:14 2013 Saturday ,02 November

Sex workers hold Obamacare sign up drive

GMT 19:40 2017 Tuesday ,29 August

Mona used stones to decorate ornaments

GMT 20:12 2017 Sunday ,12 February

Sri Lanka's former rebel leader forms new party

GMT 16:54 2012 Monday ,23 April

Life after television: Whatever happened to ...

GMT 07:19 2017 Sunday ,31 December

Nepal bans solo climbers from Everest

GMT 13:05 2016 Saturday ,05 November

Space balloons inflating passenger flight hopes

GMT 05:24 2017 Tuesday ,10 January

Oil slips on concerns US production is rising

GMT 21:28 2017 Wednesday ,27 September

Cabinet reviews important files at weekly meeting

GMT 04:52 2017 Monday ,03 April

Australian govt defends new corporate tax cut

GMT 03:05 2017 Thursday ,23 November

I'm sure Messi will stay: Barcelona's Rakitic

GMT 04:43 2016 Thursday ,01 September

Kenya eyes 1 bln USD in tourism revenues this year

GMT 19:19 2016 Wednesday ,09 November

OPEC: climate effort won’t quench oil thirst
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday