Qatar's Gulf LPG inks $200m loan deal

Liquefied petroleum gas shipping company secures financing from Qatar National Bank
By Andy Sambidge
Sat 08 Dec 2012 02:19 PM

Gulf LPG Transport Company, a Qatari liquefied petroleum gas shipping company owned jointly by Milaha and Nakilat, has secured financing totalling $200m from Qatar National Bank.

The transaction was completed with attractive rates reflecting Gulf LPG's financial strength and credit quality, the company said in a staatement

Owned 50 percent by Nakilat and 50 percent by Milaha, Gulf LPG owns, manages and operates four Qatari-flagged very large gas carriers.

Muhammad Ghannam, chairman of Gulf LPG and managing director of Nakilat, said: "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."

Sheikh Ali bin Jassim Al Thani, chairman and managing director of Milaha, added: "The successful completion of this transaction should increase the prospect for future similar transactions for both Gulf LPG and its strategic financial partners."

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