Qatar Petroleum closes funding
US$10bn gas development marks 2011’s largest project financing.
Qatar Petroleum (QP) has finalised funding for its US$10.4bn Barzan Gas Project in the largest project financing to close in 2011.
The bulk of the project, which will include on- and off-shore gas processing facilities, will be financed with a syndicated loan from banks and export credit agencies worth some US$7.2bn. The remaining money will be provided in equity. ExxonMobil, QP’s partner in the project, will also provide senior debt.
The funding package comprises a commercial bank facility of US$3.34bn, an Islamic tranche worth US$850mn and US$2.55bn of export credit agency financing.
The Royal Bank of Scotland is acting as the project’s financial adviser. White & Case acted as legal adviser to the sponsor, while Allen & Overy acted as counsel to the export credit agencies.
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