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MENAFN - The Peninsula - 30/01/2014

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(MENAFN - The Peninsula) Nakilat, Qatar's premier gas transporter, has secured a 669m facility from QNB Group for the refinancing of two existing LNG vessels and the purchase of two additional ones by its joint venture, Maran Nakilat Co Ltd.

This is the second refinancing that Nakilat has secured for its joint venture in recent months. Through the two transactions, Nakilat has arranged a combined 1.33bn in refinancing for Maran Nakilat.

With these transactions, Nakilat to double the size of Maran Nakilat Co Ltd's fleet from four vessels to eight vessels and to increase its ownership in the joint venture by 10 percent. The new two vessels are currently under construction in Korea.

The agreement was signed at a ceremony held at the head office of QNB, with a number of senior officials from both sides attending.

"This second refinancing agreement further reinforces Nakilat's solid relationship with our partner Maran Ventures Inc, to whom we are grateful for their continued collaboration. We also thank QNB for their excellent support throughout this transaction," said Abdullah Fadhalah Al Sulaiti, Managing Director of Nakilat.

Maran Ventures Inc is a subsidiary of Angelicoussis Shipping Group Ltd (ASGL).

Commenting on the financing agreement, Abdulla Mubarak Al Khalifa, the Executive General Manager and Chief Business Officer at QNB Group, said: "This milestone project will boost economic growth and further enhance QNB's reputation for delivering on large scale transportation projects."

Nakilat is a Qatari marine transport company providing the essential transportation link in Qatar's LNG supply chain. Its LNG shipping fleet is the largest in the world, comprising 58 LNG vessels. Nakilat also manages and operates four large LPG carriers.

Through two strategic joint ventures, Nakilat-Keppel Offshore & Marine (N-KOM) and Nakilat Damen Shipyards Qatar (NDSQ), Nakilat operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard.

Maran Nakilat Co Ltd was established in 2005. Its original fleet of four LNG vessels is on charter with RasGas.

 






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