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FINANCIAL NEWS
Al Jaber Energy secures $300m loan
24 Aug 2010
(MENAFN) Al Jaber Energy Services (AJES) said that it has secured a $300 million loan from an Abu Dhabi bank to finance the development of the Shah sour gas field, Reuters reported.
The project is part of the $12 billion development of the gas field, which is seen as a key component of Abu Dhabi�s bid to meet soaring gas demand. AJES was awarded the contract by Abu Dhabi Gas Development Co, a subsidiary of Abu Dhabi National Oil Co (ADNOC).
Financing for the project, which includes the construction of a four-lane dual carriageway connecting the Shah area to Liwa road, will take place over a 16-month period, the bank said.
AJES is a subsidiary of the Al Jaber Group, which is one of the UAE�s largest private sector employers and has interests across the oil & gas, petrochemical, pipelines, water, power, industrial and infrastructure sectors.
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