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QGTC closes financing for 16 LNG carriers

QGTC closes financing for 16 LNG carriers

Doha: The Qatar Gas Transport Company (aka Nakilat) has achieved another milestone in its meteoric development with the closing of a $4.3bn line of funding for 16 LNG carriers under construction at South Korean yards Samsung Heavy Industries, Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering. The ships will carry LNG exports from Qatargas II and Qatargas III to markets in Europe and the US. According to the Qatari newspaper "The Peninsular", the transaction, believed to be a record in a single LNG financing, consists of $2.375bn in senior and subordinated international bank debt arranged with a consortium of 24 banks, a series of senior and subordinated secured bonds due in 2033 and additional funding from two South Korean export credit agencies. A further 11 LNG carriers are being built and will be financed in a second round of finance totalling $3.3bn. These vessels will ship liquid natural gas from Rasgas III and Qatargas IV. Royal Dutch Shell subsidiary Stasco was recently awarded the contract to manage the vessels.  [22/12/06]

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