Qatar Petroleum raised the Middle East’s biggest syndicated loan this year as banks lend to state- backed projects after the region’s political unrest and Europe’s debt crisis reduced borrowing.
The state-run energy company said Dec. 13 it completed the financing of the Barzan Gas Project with a $7.2 billion syndicated loan. Qatar, holder of the world’s third-largest natural gas reserves, is stepping up the pace of infrastructure developments as it prepares to host the 2022 soccer World Cup.
Borrowers backed by oil- and gas-rich Persian Gulf emirates such as Qatar and Abu Dhabi have secured loans even as syndicated lending in the Middle East and North Africa fell 47 percent, excluding most of the Barzan loan. Qatar and Abu Dhabi have the third-highest investment grade ratings at Standard & Poor’s. The economy of Qatar, the region’s second-biggest issuer of dollar bonds this year, will grow 19 percent in 2011, the International Monetary Fund forecasts.
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