Gulf LPG secures $200m QNB deal

December 06, 2012 - 2:47:16 am



From left: Najeeb Al Sada, Member of the Board of Gulf LPG and President & CEO of Milaha Maritime & Logistics, a subsidiary of Milaha, Muhammad Ghannam, Chairman of Gulf LPG and Managing Director of Nakilat, Abdulla M Al Khalifa, General Manager, Corporate Banking, QNB, and Ali Abdullah Darwish, Assistant General Manager, Corporate Banking, QNB, at a press conference in Doha yesterday.

Doha: Gulf LPG Transport Company, a Qatari liquefied petroleum gas (LPG) shipping company owned jointly by Milaha and Nakilat, has secured financing amounting to $200m from Qatar National Bank (QNB) in a deal brokered by Nakilat, Qatar’s premier gas transporter.

The transaction was completed with attractive rates reflecting Gulf LPG’s financial strength and credit quality. The occasion was marked by a signing ceremony held yesterday at QNB’s head office in Doha.

Owned 50 percent by Nakilat and 50 percent by Milaha, Gulf LPG owns, manages and operates four Qatari-flagged VLGC (Very Large Gas Carrier)-class LPG carriers — Al Wukir, Bu Sidra, Lubara and Umm Laqhab. Nakilat has the lead role in the management, operations and financing of the Gulf LPG fleet.

On the occasion of the agreement’s signing, Muhammad Ghannam, Chairman of Gulf LPG and Managing Director of Nakilat, said: “Nakilat values the strong partnership we have with Milaha and the achievements of Gulf LPG reflect the success of this synergy. The transaction with QNB demonstrates our ability to attract significant financing to projects and further cements Nakilat’s strong reputation in the financial community. I thank QNB for providing us with this opportunity to build upon the close relationship already well-established between our companies. We look forward to further collaboration with QNB and with other Qatari banks.”

Abdulla Mubarak Al Khalifa, General Manager, Corporate Banking at QNB Group, said that QNB enjoys a long standing strategic business relationship with Milaha and Nakilat and is proud to be the financing bank for such a significant project. QNB Group is always keen to support and contribute to the development plans and investment of Qatar, he added.

Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha, said: “Milaha’s established strategic relationship with Nakilat is highly regarded; with Milaha being the largest shareholder.  Milaha is proud to be a pioneer and founder in the maritime industry and this is reflected in the company’s sound financial position and aims in achieving a global network. The successful completion of this transaction should increase the prospect for future similar transactions for both Gulf LPG and its strategic financial partners. We would also like to thank QNB for their support to the Qatari shipping industry as highlighted by this commitment.”

The Peninsula

 
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