Export-Import Bank of Korea (Kexim) will cover half of the 12-year bullet facility, which is due to be signed by the end of October. Calyon will underwrite the entire amount. The $440 million commercial tranche will be provided by a club of Teekay relationship banks.

The loan will finance 80 per cent of the cost of the vessels, on order from South Korea’s Samsung Heavy Industries and due for delivery in the second quarter of 2008. They will serve train 6 at the RasGas complex. RasGas II is a 70:30 joint venture of Qatar Petroleumand the US’ ExxonMobil Corporation(MEED 23:9:05).