The project and financing agreements have been 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 S.A.O.C (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, Mr. 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."
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GIB arranges USD 155 million loan for LNG vessel
- Bahrain: Sunday, November 28 - 2004 at 17:08
- PRESS RELEASE
Gulf International Bank (GIB) is pleased to announce that it has been selected to structure and arrange financing for an LNG ship in the Sultanate of Oman.
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About GIBGulf International Bank (GIB) is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. The six GCC governments, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, own 72.5 per cent of the bank, while the Saudi Arabian Monetary Agency (SAMA) and J. P. Morgan Overseas Capital Corporation own 22.2 per cent and 5.3 per cent respectively. In addition to its main subsidiary Gulf International Bank (UK) Ltd, the Bank has branches in London, New York, Riyadh and Jeddah, in addition to representative offices in Beirut and Abu Dhabi.
For further information, please contact Mr. Abdulla Naneesh, Corporate Communications, Kingdom of Bahrain. Tel +973 17 522479, Fax +973 17 522656.
Posted by Christine H. Andersen, Assistant News EditorSunday, November 28 - 2004 at 17:08 UAE local time (GMT+4)
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