Bahrain's oil and gas industry gets financial boost

 30 Mar 2016 - 16:27

Bahrain's oil and gas industry gets financial boost
 

Manama: Nogaholding, the investment and business development arm of Bahrain’s National Oil and Gas Authority (NOGA) today announced it has signed a five year US$570 million multi-bank Murabaha facility to support investment into a number of large scale oil and gas projects within the Kingdom of Bahrain.
According to Bahrain News Agency (BNA) the $570 million sharia-compliant, five year financing is the first foray for nogaholding into the syndicated credit markets, and marks the beginning of a number of strategically important growth projects for nogaholding and Bahrain’s energy industry. 
The transaction was well-received by the market and demand from participating banks was strong, despite the volatile market conditions as a result of continued low oil prices. The facility size was increased by 60% due to investor demand and the book was significantly oversubscribed.
The syndicated facility consists of the following ten international, regional and local banks: 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.

QNA