Nakilat Refinances with QNB Group

Doha, June 11 (QNA) - Nakilat Inc., a wholly owned subsidiary of Qatar Gas Transport Company Ltd. (Nakilat), has successfully arranged refinancing amounting to US $917 million with Qatar National Bank SAQ (QNB). A press release issued here Tuesday said that Nakilat Inc. established its Program Financing structure to fund the construction of a fleet of 25 LNG vessels, each of which is subject to a 25-year time charter. These vessels serve as part of the floating pipeline carrying LNG for Qatargas and RasGas, which together produce over 77 MTA of LNG. On the occasion of successfully completing the financing, Muhammad Ghannam, the Managing Director of Nakilat, said: "This transaction once again demonstrates our outstanding capability to attract large amounts of financing expediently and efficiently. "This refinancing with QNB reinforces Nakilats already exceptional reputation in the financial community. The strong relationship between these two Qatari companies is a natural fit with Nakilat as the worlds largest LNG shipping company and QNB as one of the strongest banks in the world," he added. The press release added that Latham & Watkins advised Nakilat on commercial and legal matters related to the refinancing, while Skadden, Arps, Slate, Meagher & Flom advised QNB. Nakilat is a Qatari marine company providing the critical transportation link in Qatars LNG supply chain. Its LNG shipping fleet is the largest in the world, comprising 54 LNG vessels. Nakilat also manages and operates four LPG carriers. Via two strategic joint ventures, N-KOM and NDSQ, Nakilat operates the ship repair and construction facilities at Qatars Erhama Bin Jaber Al Jalahma Shipyard in the Port of Ras Laffan. (QNA)