Saturday, 30 August 2008 |
17:24 UAE time
Dubai Islamic Bank (DIB) recently announced that it has signed an AED 577 million facility agreement with Dodsal Engineering & Construction. The contract is to finance the replacement of the Natural Gas Liquids pipeline network project awarded by Abu Dhabi Gas Industries Limited's (GASCO) to Dodsal.
"This agreement comes in line with DIB's vision to support a wide range of economic sectors with reputable contractors. The gas processing sector is considered a vital field for the national economy, and we are proud to be part of this significant project," said Ayman Kamal, executive vice president of Dubai Islamic Bank.
"The bank has successfully developed and structured innovative financing deals that meet the requirements of major corporations and government bodies in the UAE and worldwide," he said. "Dodsal has been a valued customer of DIB and our relationship with Dodsal extends over various local as well as regional project financing," he added.
The total value of GASCO's project is said to be worth approximately US $151 million, and its aim is to install a new NGL pipelines network of about 225 km in length, to replace the existing network, extending from GASCO Abu Dhabi Gas Industries Plants at Asab, Buhasa, Habshan/Bab all the way to the fractionation and treatment plant at Ruwais.
"We are extremely pleased to announce the signing of this major financing agreement with Dubai Islamic Bank, which will enable Dodsal to continue to support the economic development of the UAE and, in particular, the energy sector," said Rajen Arvind Kilachand, Chairman of Dodsal.
The project execution commenced in November 2007 and the new NGL pipelines network is scheduled for completion within 23 months, including successful commissioning and test run.
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