Dolphin Energy has invited banks to bid for the advisory role for a $1bn loan it looks to raise, according to a report by Reuters.
Dolphin is said to be seeking an “incremental finance” meaning that debt would be added to an existing facility either through a new loan or by extending the amount borrowed under the original deal, the reprot explained.
The adviser for the new loan is expected to be finalised in the next few weeks, with the target for completing the financing set for end of this year.Â
The Abu Dhabi state-controlled venture raised $3bn through a combination of loans and a bond in 2009, with $1.3bn being re-financed in 2011.
Dolphin Energy is the company behind the first cross-border natural gas network in the GCC. Named after the project, the Dolphin pipeline transports gas from the North Field in Qatar, which gets processed and refined at the Ras Laffan plant, into the UAE.
Last year in September, Dolphin reached a production milestone of 5 trillion standard cubic feet (scf) since operations began in 2007. The regular supply of gas to the UAE has been critical to meeting rising energy demand in the country.
As demand continued to surge, Dolphin unveiled plans for expansion it said would begin in the first quarter of this year, but such plans have not materialised as of yet. Dolphin Energy is 51% owned by Abu Dhabi via Mubadala Development, with Total and Occidental owning over 20% each.
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