Qatar’s Nakilat secures $917m loan to build LNG ships

At 54 vessels Nakilat has the world’s largest LNG transportation fleet
By Francesca Astorri
Wed 12 Jun 2013 03:55 PM

Qatar Gas Transport Company (Nakilat) has secured $917m in financing from Qatar National Bank (QNB) after restructuring an existing loan, which it will use to build 25 liquified natural gas (LNG) transporters.

Nakilat has the world’s largest LNG shipping fleet with 54 vessels that transporting LNG for Qatargas and Rasgas, which together produce 77m tonnes per year.

“This transaction once again demonstrates our... capability to attract large amounts of financing expediently and efficiently. This refinancing with QNB reinforces Nakilat’s already exceptional reputation in the financial community” said Muhammad Ghannam, managing director of Nakilat.

Nakilat also manages and operates four LNG carriers, and through its two joint ventures Nakilat Keppel Offshore and Marine and Nakilat Damen Shipyards Qatar it builds 25 ships per year and repairs a further 100.

The Qatari company expects to increase its repairing capacity to 150 vessels annually in the next few years.

Nakilat’s total profit from operations in 2012 was QR746.5m and it held assets were worth QR30.9bn of 31st December 2012.

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