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FINANCIAL NEWS
Qatar Petroleum arranges financing for Barzan gas plant
14 Dec 2011
(MENAFN) Qatar Petroleum said that it arranged financing for the USD10.4 billion Barzan Gas Project, which was being built with Exxon Mobil, reported Emirates 24/7.
The firm added that the huge plant was designed to produce around 1.4 billion cubic feet of gas a day, in order to meet increasing demand in the country.
It also said that the company would pay for the project through equity and around USD7.2 billion in bank loans and government-backed export credit funding Qatar Petroleum has secured.
It is worth noting that the financing will be one of the oil industry’s largest ever financing packages.
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