Thursday 12 March 2009

IPIC to fund LNG plant stake with $700m loan

Abu Dhabi’s International Petroleum Investment Company (IPIC) will take out a US$700 million (Dh2.57 billion) loan to help it buy a stake in a liquefied natural gas (LNG) facility in Papua New Guinea.

IPIC, an energy-focused sovereign wealth fund worth $15bn, will pay 300 basis points above the London interbank offered rate (LIBOR) for the loan, Reuters reported, citing two anonymous sources close to the deal.

IPIC officials could not be reached for comment on the report today.

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