Bahrain LNG has landed a big financing package that will help it proceed with the construction of a long-anticipated LNG import terminal.
The consortium led by Teekay LNG Partners and Nogaholding with the participation of Samsung C&T and Gulf Investment Corp (GIC) has secured a $741m syndicated loan.
Standard Chartered, Arab Petroleum Investments Corp (APICORP) and Korea Development Bank (KDB) are providing the financing along with Ahli United Bank, Banco Santander, Credit Agricole, ING, Natixis and Societe Generale.
Bahrain LNG said in a statement: “The project is being developed to supplement local gas production in Bahrain and ensure capacity to meet peak seasonal gas demand and industrial growth.”
The parties put pen to paper for the construction of the terminal a year ago. Teekay will provide a floating storage unit (FSU) to Bahrain’s maiden LNG import project.
It will have a capacity of 800 million standard cubic feet per day and is expected to be completed in 2019.
Teekay will deploy one of its M-type, electronically controlled vessels for a period of 20 years.
