515 million syndicated finance facility signed
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

$515 million syndicated finance facility signed

Arab Today, arab today

Arab Today, arab today $515 million syndicated finance facility signed

Bahrain National Gas Expansion Company S.P.C ("TAWSEAH" or the "Company")
Manama - BNA

Bahrain National Gas Expansion Company S.P.C ("TAWSEAH" or the "Company"), which owns and operates one of the two associated gas processing facilities in Bahrain, has announced the successful signing of $ 515 million, 8-year syndicated financing facility. 
The facility was raised to finance part of the expansion of the Company’s gas processing facilities which include: (1) a central gas processing (CGP) train with a capacity of 350 million standard cubic feet per day (MMSCFD); and (2) pipeline and storage facilities at Sitra Wharf to cater for the enhanced capacity (the "Project"). 
GIB Capital acted as the sole financial advisor to the Company on the Project. 
A closing ceremony to commemorate this important milestone was held on April 10 which was attended by Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa, the Chairman of nogaholding, senior management of TAWSEAH, nogaholding, NOGA and participant banks.
The gas processing plants are of strategic importance to Bahrain’s economy and are an integral part of national energy infrastructure. The gas processing plants extract Natural Gas Liquids (NGLs) that are exported on one hand; and on the other hand, the residue dry gas supplements the natural gas supply to power plants and other major industrial end users. The new plant will also play an important role in supporting Tatweer’s Enhanced Oil Recovery (EOR) plans. 
JGC Corporation and JGC Gulf International were appointed as the engineering, procurement and construction contractors ("EPC") for the Project. The construction work of the Project is expected to be completed in 34 months from the signing date of the CGP III EPC with commissioning expected by Q4 2018. 
The syndicated financing facility was widely distributed throughout the GCC and attracted interest from local and regional banks. Participants include: Bank of Bahrain and Kuwait B.S.C., GIB B.S.C., Ahli United Bank B.S.C., Arab Bank Plc, Bahrain Islamic Bank B.S.C., National Bank of Bahrain B.S.C. and National Bank of Kuwait S.A.K.-Bahrain Branch. 
Commenting at the event, Shaikh Mohammed bin Khalifa Al-Khalifa, Minister of Oil said: "This TAWSEAH expansion is another significant milestone for Bahrain in the energy sector. The project is among the many other National Oil and Gas Authority (NOGA) and Oil & Gas Holding Company (nogaholding) strategic projects aimed at securing continued economic growth in the country. I would like to thank and congratulate all the Lenders for their valuable support in bringing this facility to a successful conclusion".
Commenting on the success of the Murabaha financing facility, Dr. Dafer Al Jalahma, Chairman of TAWSEAH and the acting CEO of nogaholding said: "We are incredibly proud of this significant milestone achievement. I would like thank to Shaikh Mohammed bin Khalifa Al Khalifa, Minister of Oil, for gracing us at this event and greatly appreciate his continued support and guidance. I would like to extend my sincere thanks to the lending banks for making this financing a great success. This reflects their trust in nogaholding’s track record and their confidence in investing in Bahrain and further fueling growth of the energy development projects in the country."

Source :BNA

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*

515 million syndicated finance facility signed 515 million syndicated finance facility signed

 



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*

515 million syndicated finance facility signed 515 million syndicated finance facility signed

 



GMT 21:16 2016 Monday ,27 June

Zaki Badr discusses cleaning problem in Giza

GMT 21:46 2017 Saturday ,14 January

Turkey arrests 60 businessmen for alleged Gulen ties

GMT 22:38 2017 Friday ,24 March

Abbas meets with Merkel in Berlin

GMT 09:02 2017 Monday ,27 March

Tunisian Premier Concludes Visit to Sudan

GMT 15:54 2017 Friday ,01 September

Attorney General Directs Prosecutors to inspect Prison

GMT 09:22 2017 Sunday ,31 December

HM King condoles with Afghanistan President

GMT 10:12 2016 Wednesday ,06 April

Strong dollar, mild weather shrink H&M profits

GMT 17:03 2016 Saturday ,24 December

7 police killed in attacks in Afghansitan

GMT 13:51 2017 Friday ,17 March

Israel denies Syria shot down a warplane

GMT 04:08 2017 Thursday ,05 January

Carbon tax can fund clean energy transition

GMT 19:27 2016 Wednesday ,14 September

Alstom to go ahead with plans to shut down Belfort plant

GMT 01:44 2017 Friday ,15 December

Mennat-Allah underlines importance of landscapes

GMT 04:57 2017 Thursday ,14 December

Trump tells NASA to send Americans to Moon

GMT 21:43 2017 Wednesday ,11 October

Qabil discusses with Swiss delegation improving power

GMT 21:06 2017 Sunday ,17 September

OIC condemns suicide attack in Kabul

GMT 08:27 2017 Thursday ,27 April

Nokia reports another loss as networks sag

GMT 19:41 2017 Monday ,06 February

Elina Svitolina Claims Taiwan Open Title

GMT 09:39 2017 Friday ,03 February

Former Brazilian president Lula's wife dies of stroke
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