State-run Qatar Petroleum, or QP, said Tuesday it had successfully closed the debt and export credit agency-backed financing portions for its $10.4 billion Barzan gas project, which will supply natural gas to meet rapidly-rising domestic demand, against difficult overall conditions in global debt markets.
In an emailed statement, Qatar Petroleum said the project, in which Exxon Mobil Corp. (XOM) is a partner, will be financed with up to 30% equity and the remaining 70% by a combination of banks and export credit agencies, or ECAs, in the form of a syndicated loan expected to total $7.2 billion. Exxon Mobil also provided a pro-rata portion of the senior debt.
One Doha-based banker said a positive outlook for Qatar's hydrocarbons-driven economy--projected by the International Monetary Fund in September to see real gross domestic product growth of 18.7% in 2011--was one key incentive for investors.
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