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.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more