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The Qatar Gas Transport Company Ltd (Nakilat) has announced to the Qatari stock exchange that it has raised US$950 million of debt from 17 different financial institutions.
Nakilat stated that the move will ensure it has the correct funding is in place to complete its acquisition of a fleet of 25 LNG carriers currently being constructed in various South Korean shipyards.
Qatar’s energy minister, Abdullah Bin Hamad Al-Attiyah, congratulated Nakilat on the completion of deal.
“I am happy to see Nakilat achieve the goals it set out to achieve and raise the required funding despite the difficult markets given the global financial crisis,” Al-Attiyah said.
Nakilat announced in March that they would be trying to raise the cash. The $950 million is the latest in a series of funding initiatives the company has been involved in since 2006.
Qatar Petroleum, Qatar Shipping Company and Qatar Navigation & Transport Company are major shareholders in Nakilat, with 50% of the company traded on Qatar’s stock exchange.
