Gulf Oil and Gas accountACCOUNT

Nogaholding Sets up $570mn Finance Facility

Source: www.gulfoilandgas.com 5/17/2016, Location: Middle East

Nogaholding, the investment and business development arm of Bahrain’s National Oil and Gas Authority (NOGA) hosted a dinner last evening to commemorate the successful signing of the US$ 570 million Murabaha finance facility.

The event was held under the Patronage of His Excellency Dr. Abdul Hussain bin Ali Mirza, Minister of Energy and Chairman of nogaholding and was attended by more than 40 representatives from the management of the participating banks as well as senior management of nogaholding and was held at the Al Ghazal Ballroom, Ritz Carlton Hotel, Bahrain.

Commenting at the event, His Excellency Dr. Abdul Hussain bin Ali Mirza said: “I would like to thank and congratulate all the Lenders for their valuable support in bringing this facility to a successful conclusion”.

Commenting on the success of the Murabaha financing facility, Shaikh Mohamed bin Khalifa Al Khalifa, CEO of nogaholding said: “I would like to extend my sincere thanks to His Excellency, Dr. Abdul Hussain bin Ali Mirza, Minister of Energy for gracing us at this event and greatly appreciate his continued support and guidance. At nogaholding, our ongoing strategy is to invest and grow the oil and gas assets in the Kingdom of Bahrain and position the country as a key international player.”

“Furthermore, I would also like to thank the banks for attending this dinner to celebrate this important milestone in our corporate history. The US$570 million Murabaha facility was our first foray into the syndicated credit markets. Despite challenging market conditions, we received significant oversubscription which is a definite endorsement of the trust and confidence in nogaholding’s track record, financial position and growth prospects, of which we are proud.”

The ten local, regional and international banks which participated in nogaholding’s sharia-compliant finance facility include: Arab Banking Corporation (ABC), Ahli United Bank (AUB), Arab Petroleum Investments Corporation (APICORP), Gulf International Bank (GIB), and National Bank of Bahrain (NBB), Qatar Islamic Bank (QIB), Kuwait Finance House (KFH), The Bank of Tokyo-Mitsubishi UFJ (MUFG), BNP Paribas, and HSBC.

nogaholding’s first syndicated debt facility carries a term of five years and will be used to meet general purpose financing requirements of the Group. Due to strong demand from participating banks, the facility size was increased by more than 60% and the book significantly oversubscribed.

The facility will enable nogaholding to invest in a number of profitable projects in Bahrain which include three key developments: the BAPCO Modernisation Programme, the LNG Import Terminal, and the Bahrain Gas Plant Project (part of Bahrain National Gas Expansion Company).

For BAPCO, the Middle East’s longest standing refinery with a capacity of 260,000 barrels per day, nogaholding will invest in a substantial modernisation programme. In addition, nogaholding will support the Bahrain LNG Import Terminal Project launched in December 2015 on a BOOT (‘buildoperate-own-transfer’) basis with a consortium of international investors (Teekay, Samsung C&T and GIC). The project will include an offshore receiving and regasification facility, subsea gas pipelines and an onshore gas receiving facility.

nogaholding will also invest in the new gas plant project of the Bahrain National Gas Expansion Company (BNGEC), which is set to further increase gas processing capacity within Bahrain for the production of natural gas liquids (NGLs).

Financials and Investment News in Bahrain >>

Australia >>  8/12/2020 - Senex Energy Ltd expects to recognise a non-cash impairment charge of approximately $52 million1 in its FY20 full year results to be released on 24 Au...
Bermuda >>  8/11/2020 - Hermitage Offshore Services Ltd. and 28 of its subsidiaries including all its vessel-owning subsidiaries (collectively, the “Company”) announced that ...

Canada >>  8/11/2020 - Westport Fuel Systems Inc. have secured a €7 million loan from Deutsche Bank to improve liquidity during the COVID-19 pandemic and finance capital inv...
United Kingdom >>  8/11/2020 - - Continuing to safely execute our projects and operations worldwide

- On track to deliver US$125 million of cost savings in 2020 and up to...


Australia >>  8/10/2020 - Tap Oil Limited has entered into commodity hedge contracts with BP Singapore Pte Limited (BPS)

Details regarding the 45,000 barrels of con...

Saudi Arabia >>  8/9/2020 - The Saudi Arabian Oil Company has announced its results for the second quarter and first half of 2020, highlighting the Company’s financial and operat...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Bahrain Oil & Gas 1 >>  2 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.