Dolphin Energy is apparently close to refinancing a US$3.45 loan according to the news gathering agency Reuters.
The terms of the new loan includes a $1.6 billion commercial tranche, a $500 million Islamic facility and a bond issue also worth around $500 million bank sources told Reuters.
The Abu-Dhabi based energy company run the Dolphin pipeline which pumps gas to the UAE from Qatar’s North Field. The project was initially constructed using a $2.45 billion loan coupled with a $1 billion Islamic loan. This agreement finishes in July.
Dolphin is a joint venture between the Abu Dhabi government, France’s Total and the US company Occidental. The pipeline pumps around 2 billion cubic feet per day into the UAE. Â
Reuters reported that the banker has said that the deal had attracted a lot of interest from lenders due to the fact that the construction had already been completed and thus posed a far lesser risk than other projects.
Â
