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QGTC seeks $1bn loan for fleet expansion

QGTC seeks $1bn loan for fleet expansion

Doha: Qatar Gas Transportation Co (QGTC; also known as Nakilat) has revealed plans to borrow $1bn within the next 18 months to pay for tankers after raising an initial $1.5bn in bank loans, reports Reuters. In a regulatory filing, QGTC said it had raised $1.5 billion from 12 banks to fund the construction of 25 LNG vessels that will be wholly owned. The ships are scheduled for delivery by February 2010.

"The $1.5 billion debt financing completed today is part of the approximately $2.5 billion additional debt that QGTC intends to raise over the coming 18 months," the company stated in the filing.

Qatar, holder of the world's third largest natural gas reserves, plans to more than double its LNG capacity to 77m tonnes in 2010 from around 30m tonnes last year. QGTC raised $4.3bn in December, 2007 through a mix of conventional bonds, loans and export credits.  [04/08/08]