Nakilat raises $1.5bn to buy gas tankers

04 August 2008
Qatar Gas Transport Company (Nakilat) has raised $1.5bn from banks to finance the construction of 25 new liquefied natural gas (LNG) tankers.

The deal was arranged by Sumitomo Mitsui Banking Corporation, which has acted on a number of Nakilat transactions, with 12 banks providing the debt. Nakilat is also expecting to raise a further $1bn from the bank market in the next 18 months.

The debt was split between a 17-year $925m senior bank facility, a 17-year $125m subordinated debt facility, and a 12-year $450m bank facility provided by export credit agency Korea Export Insurance Corporation (KEIC).

On 3 August Nakilat said it made a profit in the second quarter of 2008 of QR50.9m ($14m), an increase of 63 per cent compared to the same period in 2007.

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications