Bahrain LNG wins ‘Finance Deal of the Year’ award
Manama : Oil Minister, Shaikh Mohammed bin Khalifa bin Ahmed Al Khalifa, has congratulated the National Oil and Gas Authority (NOGA), the chairman and members of the board of directors of Bahrain LNG W.L.L on winning the “Middle East ECA Finance Deal of the Year” Award at the 2017 Venice Global Borrowers’ Summit held recently in Vencie.
Shaikh Mohammed expressed gratitude to the wise leadership for their directives and support to the oil and gas sector.
“This strategic project represents an integral part of Bahrain’s infrastructure and central plans to become an industry hub that will continue to supply the industry with its requirements of natural gas, leading to sustainable national economic growth. This will ensure the Kingdom’s continued expansion and development in the energy sector and beyond, as well as a testament to the achievements of NOGA’s strategic projects,” said Shaikh Mohammed, expressing his appreciation for the initiative demonstrated in tapping Bahrain’s oil and gas.
The award was received by Qaisar Zaman, Chairman of Bahrain LNG W.L.L and General Manager of Investments at NOGA. The Award was presented during a prestigious gala dinner which was held as part of the summit and attended by more than 1,000 finance industry experts and finance professionals from over 300 companies across the world.
Qaisar Zaman expressed thanks and appreciation to Shaikh Mohammed bin Khalifa Al Khalifa, the Minister of Oil, for his direction and support to Bahrain LNG. He also expressed appreciation for the constructive role played by Dr. Dhafer Al Jalahma, Acting Chief Executive of NOGA and his team. He also praised the efforts of the Korea Trade Insurance Corporation (KSURE), sponsors and supporters who contributed to this major achievement, which aims to enhance Bahrain’s domestic gas production.
Bahrain LNG is a joint venture owned by the National Oil and Gas Authority (30 per cent), Teekay LNG Partners L.P. (30 per cent, Gulf Investment Corporation - GIC (24 per cent) and Samsung C&T (16 per cent). A consortium of nine international and regional banks are financing the project with $741 million for a period of 20 years.
The project, located in Al Hidd industrial area in Muharraq, will consist of a Floating Storage Unit (FSU), an offshore LNG receiving jetty and breakwater, an adjacent regasification platform, a subsea gas pipeline from the platform to shore, an onshore gas pipeline and gas receiving facility, and an onshore nitrogen production facility. This project is due for completion in early 2019 and will have a capacity of 800 million standard cubic feet per day.
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