Maran Nakilat Secures Refinancing for Two LNGs

Maran Nakilat Co. Ltd., a joint venture (JV) between Nakilat and Maran Ventures Inc., has secured refinancing worth $662.4m that will see the JV expand its fleet and Nakilat increase its ownership of the JV. As a result of the refinancing, Maran Nakilat Co. Ltd. will be able to expand its fleet of LNG carriers from four vessels to six, with the delivery of two new LNG carriers scheduled for early 2014.

The vessels being added to Maran Nakilat Co. Ltd.’s fleet are currently under construction in Korea. The two new vessels will carry LNG cargos for producers from across the world.

At a ceremony held at Nakilat’s Doha head office, Maran Nakilat Co. Ltd. signed a $662.4m Murabaha refinancing agreement with two of Qatar’s leading Islamic banks, Qatar Islamic Bank (QIB) and Barwa Bank. At the same time, Nakilat has increased its ownership of Maran Nakilat Co. Ltd.

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Press Release, July 2, 2013