FINANCIAL NEWS

Abu Dhabi- NPCC secures $100m finance facility

19 Sep 2010

(MENAFN) Abu Dhabi’s National Petroleum Construction Company (NPCC) said that it has secured $100 million finance facility to fund the construction of its new SEP 450 self elevating accommodation and crane barge, Gulf News reported.

NPCC is a public joint stock company owned by the General Holding Corporation (GHC) which holds a 70 percent interest and the Consolidated Contractors Group, which holds the remaining 30 percent.

It is a significant milestone for NPCC as it is the first Islamic finance facility in the company’s corporate history.

Since 1973, NPCC’s dynamic growth, its past achievements and new facilities have transformed this National Company into a major international (EPC) contractor, capable of providing the Offshore and Onshore Oil & Gas industry with complete Engineering, Procurement and Construction.

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