-
December 2004
Tullow Oil, the Irish energy group, has purchased the Schooner and Ketch fields for £200 million, from Royal Dutch/Shell and ExxonMobil.
-
The $688 million project financing for Qalhat LNG has closed as a club deal. General syndication will not take place, despite aggressive pricing, as the debt was well received by the lead arrangers. In the wake of the Qatargas 2 project, LNG projects out of the Middle East have been oversubscrib...
-
The arrangers of the Dampier-to-Bunbury Natural Gas Pipeline (DBNGP) acquisition financing are currently mulling over the final stage of the funding package, likely to be a bond to replace the A$500 million senior bridge facility provided by Barclays Capital and Citigroup.
-
Sabine Pass mandates
-
Financing on the record breaking $9 billion-plus Qatargas 2 project has closed. The key issue on the project for banks is accepting gas market price risk on LNG. And given the wariness of banks to take any form of price risk after the US and UK merchant power slumps, the fact that Qatargas 2 has tap...
-
Financing for the $9.3 billion upstream Qatargas 2 project has closed. The sponsor and its adviser pared down the bank tranche from $3.6 billion to $3 billion, but 36 banks joined at mandated lead arranger level, each committing $100 million. Pricing is 50bp over Libor pre-completion, whilst a spons...
-
The $170 million financing for SOCAR's share of the Shah Deniz gas field and South Caucasus pipeline closed on 14 December 2004. The European Bank for Reconstruction and Development (EBRD) is lending $100 million to Shah Deniz and $60 million to South Caucasus on behalf of SOCAR, the Azeri state oil...
-
Qatar Petroleum and ExxonMobil have closed the financing for the South Hook LNG terminal in Milford Haven, Wales (UK). South Hook is the re-gasification terminal downstream from the Qatargas 2 facility, and shares a site with Dragon LNG. Twelve banks arranged the 25-year £427 million ($825.3 million...
-
Signing on the Qatar Petroleum and ExxonMobil sponsored Qatargas 2 project at Ras Laffan will now occur on December 15, followed by first draw down on December 21 and general syndication in January 2005. Financing will be provided in three tranches: commercial, Islamic and Export Credit Agency (ECA)...
-
Syndication for the 12 year commercial financing package for Bahrain Petroleum Company (Bapco) will take place by the end of this month. Nine banks have been selected as mandated lead arrangers (MLAs), with the facility being divided into a $370 million conventional tranche and a $330 million Islami...
-
Outline plans for Gazprom's financing of its Yuganskneftegaz bid, the main production arm of fallen oil company Yukos, have emerged this week. Market talk centres on a bridge loan of up to $10 billion, much of which will then be taken out in the bond market.
-
The shareholder agreements on the £250 million Dragon LNG (a joint venture between BG Group (50%), Petronas (30%) and Petroplus (20%)) terminal at Milford Haven in Wales have signed.
-
Cheniere Energy has appointed SG and HSBC as lead arrangers for a $741 million financing for its Sabine Pass LNG facility. The two leads anticipate completing a financing in early 2005. HSBC is currently Cheniere's advisor, and exercised it right to match the terms offered by SG in its winning b...
-
The 3,400km Nabucco gas pipeline system from the Caspian Sea to Austria has moved a step closer with the appointment of sponsor legal counsel. Freshfields will advise the joint venture on the Eu4.4 billion project. The JV comprises all the oil and gas incumbents of the intervening countries.
-
November 2004
Freeport LNG launchesRoyal Bank of Scotland has launched a $140 million project facility for Freeport LNG's receiving terminal project. The deal, which has already been pitched to potential participants but has not yet closed, is part of a larger $600 million package. ConocoPhilips, the 50% owne...
-
The tension between Iran and the US has yet to affect the growing project volume being won by non-US sponsors and lenders. Iranian risk is still a problem, but ECAs and banks are becoming increasingly sophisticated in how that risk is managed and how developments are funded. By Michael Marray.