Bahrain LNG completes $741m syndicated loan
Bahrain LNG, the developer of the Gulf state’s receiving and regasification terminal for liquefied natural gas (LNG), has closed a $741 million syndicated loan for the platform’s construction, according to a company statement yesterday.
“The project is being developed to supplement local gas production in Bahrain and ensure capacity to meet peak seasonal gas demand and industrial growth,” the statement said.
While the Gulf region is known for its large oil reserves, countries including Saudi Arabia and Bahrain have struggled to keep up with demand for gas and have been searching for a way to address the issue, which has crimped economic development. Standard Chartered, Arab Petroleum Investments Corp (APICORP), and Korea Development Bank were the institutions leading the limited recourse project financing, which was provided by nine international and regional lenders. —Reuters