Qatar: Nakilat Closes Islamic Financing
Qatar Gas Transport Company Ltd. (Nakilat) has recently closed US$380 million of Islamic Murabaha financing with Qatar International Islamic Bank (QIIB) and Qatar Islamic Bank (QIB).
Muhammad Ghannam, Managing Director of Nakilat, emphasized that this financing underlines the strength of Nakilat’s position: “Nakilat’s US$380 million Murabaha financing with QIIB and QIB once again proves Nakilat’s prime status in today’s financial market. Investors across the board appreciate Nakilat’s strength. This refinancing will increase our financial flexibility. We’re also now better placed to pursue additional high-yield investment opportunities and maximize returns for our shareholders.”
Mr Ghannam also expressed appreciation for the responsive and proficient approach of both QIIB and QIB: “QIIB and QIB worked very adeptly to close the financing in a very short period. Nakilat is embarking on a long-term relationship with QIB and QIIB. With our 54 LNG vessels, Nakilat holds a uniquely important and critical position in the Qatari LNG value chain. Our company also plays a key role in the diversification of Qatar’s economy — Nakilat now manages its four LPG ships in-house and, in conjunction with our ship repair and construction joint venture companies, we continue to oversee the development of Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan. Thanks to this most recent financing, we have now taken a productive first step towards a long-term mutually beneficial relationship between the two premier Qatari Islamic banks and Nakilat.”
Explaining how Nakilat’s approach to financing has always been proactive and innovative, Mr Ghannam said: “In 2009 we completed the award-winning US$6.7 billion programme financing for our wholly owned subsidiary Nakilat Inc., utilizing commercial bank, export credit agency and bond market facilities. This US$380 million Murabaha financing allows us to expand our sources to encompass Islamic facilities. Nakilat’s financial strength allows it to tap markets globally and across all types of financing sources.”
Having closed the Murabaha financing, Mr Ghannam thanked HE Dr Al Sada, the Minister of Energy and Industry, and Hamad Rashid Al-Mohannadi, Chairman of the Board at Nakilat, for their strong support and excellent guidance, saying: “Support from HE Dr Al Sada and our Chairman Mr Hamad Rashid Al-Mohannadi is a key factor in Nakilat’s accomplishments and success. We count on their ongoing support to continue to deliver outstanding results for our shareholders.”
In addition Mr Ghannam expressed gratitude to all of Nakilat’s Board Members for their support, as well as to the employees and management of Nakilat and its subsidiaries.
LNG World News Staff, September 13, 2012