Bahrain’s Nogaholding reportedly agreed a five-year US$570 million Islamic financing facility for oil and gas projects in the country.
The state-owned company informed that the funds will be directed towards the liquefied natural gas import terminal, BAPCO modernisation programme and the Bahrain gas plant project, Reuters reports.
The loan is provided by 10 international, regional and local institutions, namely Arab Banking Corp, Ahli United Bank, Arab Petroleum Investments Corp, Gulf International Bank, National Bank of Bahrain, Qatar Islamic Bank, Kuwait Finance House, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas and HSBC.
Nogaholding did not respond to an email by LNG World News seeking confirmation of the report, by the time this article was published.
In December last year, Bahrain’s government struck a deal with the Teekay-led consortium to build the LNG terminal in the country.
The project will be owned and operated through Bahrain LNG, a joint venture formed by Nogaholding and Teekay with a 30 percent stake and Samsung and GIC with a 20 percent stake each.
LNG World News Staff