DOHA: Barwa Bank, Qatar’s newest Shariah compliant banking service provider, has entered into a financing agreement worth QR529m with National Petroleum Services Group (NPS) to refinance an existing syndication and support its expansion and working capital.
NPS group provides drilling and well services to customers in the oil, gas and petrochemical industries in the Middle East, North Africa, Far East, and Europe. It is the largest regionally-owned oil, gas and petrochemical services provider in the Middle East competing with western international operators in the same markets.
The company’s products and services offer distinctive customer solutions. Its state-of-the-art equipment and sectorial services span Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Syria, Brunei, Malaysia, Singapore, Libya, and Iraq.
Keith Bradley, Head of Banking at Barwa Bank said of the deal: “Barwa Bank is proud to support one of the leading regional providers of services to the oil and gas industry, NPS has a solid track record of steady growth, and we look forward to partnering with NPS to support its further expansion going forward.”
“The selection of Barwa Bank for this deal amidst tough competition from other local and international banks is an important achievement for us financially and strategically as we strive to enhance the positioning of Sharia’h compliant banking and finance as a strategic choice for major local, regional and international companies.”
Abdul Aziz Al Delaimi, Chairman of NPS said that Barwa Bank were prompt to respond and, having understood the company’s requirements, structured an innovative facility which closely matched its needs. “The relationship has got off to a very strong start and we are looking forward to strengthening it over the coming months and years,” he said.
Capitalising on its strong financial situation and innovative suite of products and services, Barwa Bank will continue to work closely with the energy sector and other main sectors to achieve its vision of becoming a universal Shariah compliant banking group with its roots in Qatar.