Bahrain LNG wins key award for finance deal

Bahrain LNG wins key award for finance deal
The Bahrain LNG project is due for completion in early 2019 and will have a capacity of 800mn standard cubic feet per day.
Published: 16 July 2017 - 3:27 a.m.
By: Indrajit Sen

Bahrain’s Oil Minister Shaikh Mohamed bin Khalifa bin Ahmed Al Khalifa has congratulated the Oil and Gas Holding Company, the chairman and members of the board of directors of Bahrain LNG on winning the ‘Middle East ECA Finance Deal of the Year’ award.

The award was presented during a gala dinner ceremony at the 2017 Venice Global Borrowers’ Summit held recently in Venice, Italy. More than 1,000 finance industry experts and finance professionals from over 300 companies across the world attended the summit.

The award was received by Qaisar Zaman, chairman of Bahrain LNG W.L.L and general manager of Investments at nogaholding.

According to a report carried by the official Bahrain News Agency, Al Khalifa expressed gratitude to the leadership for their directives and support to the oil and gas sector.

“This strategic project represents an integral part of Bahrain’s infrastructure and central plans to become an industry hub that will continue to supply the industry with its requirements of natural gas, leading to sustainable national economic growth,” Al Khalifa was quoted as saying in the report.

“This will ensure the Kingdom’s continued expansion and development in the energy sector and beyond, as well as a testament to the achievements of noga’s strategic projects,” he said.

Zaman in turn expressed thanks and appreciation to Oil Minister Al Khalifa for his direction and support to Bahrain LNG. He also expressed appreciation to the constructive role played by Dr Dhafer Al Jalahma, acting chief executive of nogaholding and his team.

Zaman also praised the efforts of the Korea Trade Insurance Corporation (KSURE), sponsors and supporters who contributed to this major achievement, which aims to enhance Bahrain’s domestic gas production.

Bahrain LNG is a joint venture owned by the Oil and Gas Holding Company (30%), Teekay LNG Partners L P (30%), Gulf Investment Corporation (24%) and Samsung C&T (16%). A consortium of nine international and regional banks are financing the project with $741mn for a period of 20 years.

The Bahrain LNG project, located in Al Hidd industrial area in Muharraq, will consist of a Floating Storage Unit (FSU), an offshore LNG receiving jetty and breakwater, an adjacent regasification platform, a subsea gas pipeline from the platform to shore, an onshore gas pipeline and gas receiving facility, and an onshore nitrogen production facility.

This project is due for completion in early 2019 and will have a capacity of 800mn standard cubic feet per day.

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