Dolphin to seek finance

10 February 2006

Abu Dhabi-based Dolphin Energy is planning to invite banks in late February to submit proposals for the long-term financing of the Dolphin energy project. 'We are reaching the end of the construction phase - first gas is due within a year - so we are reaching the point where we have the ability to put in place longer-term finance,' Tony Boon, project finance adviser at Abu Dhabi government-owned Mubadala Development Company, said on 29 January. 'We want to create a dialogue with international and regional banks to match their strengths with the type of financing chosen.' A broad range of funding options will be considered, and more details are due to be announced by Boon at the MEED Middle East Project Finance conference in Qatar on 28 February-1 March.

Dolphin took out a second bridge financing of $3,450 million, with a tenor of four years, in late 2005. Both the conventional and the $1,000 million Islamic tranche were priced at 35 basis points (bp) over Libor for the first two years and 45 bp for the final two. Dolphin's shareholders are Mubadala, France's Total and the US' Occidental Petroleum.

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