Bahrain LNG com­pletes $741m syndicated loan

Kuwait Times - - BUSINESS -

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

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