ABU DHABI: UAE group Dolphin Energy has awarded a $250m contract to Indian group Larsen & Toubro to upgrade a gas plant in Qatar.
Larsen & Toubro will install three new Rolls Royce Trent gas turbine compressors and related facilities at the processing plant at Ras Laffan by end-2014, Dolphin Energy said yesterday.
“They will improve overall reliability and availability of natural gas exports to the UAE and Oman,” it said.
Dolphin — the only cross-border gas supply line in the Gulf — carries two billion cubic feet gas per day from Qatar’s North Field to the UAE coast. Much of the gas is burned within metres of its arrival in the UAE, with some sent to Oman.
Long-term customers for Dolphin gas from Qatar are the Abu Dhabi Water & Electricity Company, Dubai Supply Authority and the Oman Oil Company.
The $136m contract for Rolls Royce was announced in April.
Gulf Investment Corp picks banks for bond issue
DUBAI: Gulf Investment Corp, a financial institution owned by the six nations of the Gulf Cooperation Council, has picked four banks to arrange investor meetings ahead of a potential bond sale.
The company mandated BNP Paribas, Citigroup, National Bank of Abu Dhabi and Standard Chartered to arrange roadshows which will begin in the United Arab Emirates on November 18 and take in Singapore and London in the subsequent two days, the arrangers said yesterday.
A benchmark dollar-denominated bond may follow the meetings. Benchmark size is understood to mean at least $500m.
Kuwait-based GIC was set up in 1983 to provide financial services to support private sector economic growth in the GCC.
GIC held meetings in Switzerland last month, arranged by BNP Paribas and Royal Bank of Scotland, which led to a 300m Swiss franc ($316m) three-year issue - its debut offering in francs.
Taqa picks 5 banks for dollar bond
ABU DHABI: Abu Dhabi National Energy Co (Taqa) has mandated five banks for a dollar-denominated bond which could be issued before the end of the year, a spokesman for the company said yesterday.
Taqa has picked BNP Paribas, Citigroup Inc, HSBC Holdings, National Bank of Abu Dhabi and Standard Chartered for the bond, the spokesman said. “Subject to approval from our board of directors and favourable market conditions, we may proceed with an issuance this year,” the spokesman added without elaborating on specific details.