Nakilat Joint Venture Signs US $669m
Refinancing with QNB

Doha, 29 January 2014

Nakilat, Qatar’s premier gas transporter, has secured a US $669 million facility with QNB Group, the World’s Strongest Bank, for the refinancing of two existing LNG vessels and the purchase of two additional LNG vessels by its Maran Nakilat Co. Ltd. joint venture.

The agreement was signed at a ceremony held at the head office of QNB, with a number of senior officials from both sides attending.

This is the second refinancing that Nakilat has secured for its Maran Nakilat Co. Ltd. joint venture in recent months. Through the two transactions Nakilat has arranged a combined total of US $1.33 billion in refinancing for its Maran Nakilat Co. Ltd. joint venture. Together the two transactions have allowed Nakilat to double the size of Maran Nakilat Co. Ltd.’s fleet — from four vessels to eight vessels — and to increase its ownership in the joint venture by 10 percent.

The two vessels being added to Maran Nakilat Co. Ltd.’s fleet are currently under construction in Korea. These vessels will carry LNG cargos from across the world. Once delivered from the shipyards, this latest addition of two vessels to Maran Nakilat Co. Ltd.’s fleet will increase Nakilat’s total LNG vessel count from 56 to 58.

Upon the occasion of the signing, Eng. Abdullah Fadhalah Al Sulaiti, Managing Director of Nakilat said: “Today’s signing is further confirmation of Nakilat’s financial strength and of our company’s ability and ongoing intention to build upon our position as a leading global transporter of LNG.

“This second refinancing agreement further reinforces Nakilat’s solid relationship with our partner Maran Ventures Inc., to whom we are grateful for their continued collaboration. We also thank QNB for their excellent support throughout this transaction. Nakilat is proud of the firm relationships we have established with Qatari banks and we consider the selection of strong partners to have played a key role in our company’s success.

“I would also like to offer our sincerest thanks to HE Dr. Mohammed Bin Saleh Al Sada, Minister of Energy & Industry and Chairman of Qatar Petroleum and of Nakilat, for his invaluable support of our company and for the wise oversight he provides Qatar’s marine industry. I also thank Nakilat’s Board of Directors for their excellent guidance.”

Commenting on the financing agreement, Mr. Abdulla Mubarak Al Khalifa, the Executive General Manager and Chief Business Officer at QNB Group said: “With our proven expertise in arranging project finance, QNB was mandated by Nakilat to lead this deal. We are pleased to be partners in this important project. This milestone project will both boost economic growth and further enhance QNB’s reputation for delivering on large scale transportation projects.”

NAKILAT press release