Maran-Nakilat JV Gains Financing for More LNG Carriers

Maran Gas Coronis, file photo (c) Maran Gas

Nakilat has announced the securing of a USD $669 million loan facility with QNB Group today which the Qatari LNG shipper says they will use to refinance two existing LNG carriers and build two additional vessels under the umbrella of its Maran Nakilat Co. joint venture.

A combined total of US $1.33 billion in refinancing has been secured for Nakilat’s joint venture with Maran Ventures Inc. in recent months which have allowed Maran Nakilat Co. Ltd.’s fleet to grow from four to eight vessels and for Nakilat increase its ownership in the joint venture by 10 percent.

Maran Ventures is a subsidiary of Angelicoussis Shipping Group Limited, the owner of Maran Gas Maritime.

Nakilat notes the two vessels being added to Maran Nakilat Co. Ltd.’s fleet are already under construction in Korea and that upon delivery, Nakilat’s fleet will be up to 58 ships.

Upon the occasion of the signing, Eng. Abdullah Fadhalah Al Sulaiti, Managing Director of Nakilat said: “Today’s signing is further confirmation of Nakilat’s financial strength and of our company’s ability and ongoing intention to build upon our position as a leading global transporter of LNG.

“This second refinancing agreement further reinforces Nakilat’s solid relationship with our partner Maran Ventures Inc., to whom we are grateful for their continued collaboration. We also thank QNB for their excellent support throughout this transaction. Nakilat is proud of the firm relationships we have established with Qatari banks and we consider the selection of strong partners to have played a key role in our company’s success.

“I would also like to offer our sincerest thanks to HE Dr. Mohammed Bin Saleh Al Sada, Minister of Energy & Industry and Chairman of Qatar Petroleum and of Nakilat, for his invaluable support of our company and for the wise oversight he provides Qatar’s marine industry. I also thank Nakilat’s Board of Directors for their excellent guidance.”

Commenting on the financing agreement, Mr. Abdulla Mubarak Al Khalifa, the Executive General Manager and Chief Business Officer at QNB Group said: “With our proven expertise in arranging project finance, QNB was mandated by Nakilat to lead this deal. We are pleased to be partners in this important project. This milestone project will both boost economic growth and further enhance QNB’s reputation for delivering on large scale transportation projects.”