USD 155 million loan for LNG vessel
Posted: 29 December 2004
Gulf International Bank (GIB) has been selected to structure and arrange financing for an LNG ship in the Sultanate of Oman.
The project and financing agreements were signed recently in Muscat.
GIB is the sole lead arranger of the US$155 million loan by the Energy Spring LNG Carrier S.A., a Panama-registered special purpose company owned equally by Oman Shipping Company (OSC), which is owned by the Government of Oman, and Mitsui O.S.K. Lines (MOL) of Japan.
The transaction involves the purchase of the vessel Sohar LNG from Greenfield Shipping Company Ltd, a Malta-registered entity.
The facility and security agreements were signed by H.E. Ahmed bin Abdulnabi Macki, Oman’s Minister of National Economy and Chairman of Oman Shipping Company, Makoto Iwata, Senior Managing Executive Officer of MOL, and Dr. Khaled M. Al-Fayez, GIB’s Chief Executive Officer.
During the signing ceremony, Dr. Al-Fayez said: “We are very pleased to have concluded this unique and challenging transaction that demonstrates GIB’s leading capabilities in structuring innovative financing vehicles.”
Posted by Editor Pipeline Magazine
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