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Qatar Petroleum completes financing of USD10.3b Barzan project

29 Dec 2011

(MENAFN) Qatar Petroleum said that it completed the financing of the USD10.3 billion Barzan Gas Project through a USD7.2 billion syndicated loan, to be the Middle East’s biggest syndicated loan in 2011, reported Gulf News.

The firm added that the project was the country’s most expensive energy project since 2006, when Royal Dutch Shell announced the Pearl gas-to-liquids plant, budgeted at USD19 billion.

It also said that Qatar would finance the project, of which 7 percent is owned by ExxonMobil Corp, with 30 percent equity, with banks and export credit agencies from Japan, Korea and Italy providing debt.

It is worth noting that Qatar Petroleum will pay 2.19 percentage points in interest rate over Libor for USD3.34 billion in bank loans to help funding the Barzan project.

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