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December 2005
Eight Nigerian banks have closed a $600 million financing for the Satellite Oil Field Programme. The financing represents the culmination of an effort on the part of the Nigerian government to bring additional sources of financing to bear on upstream field development. The project's sponsors are the...
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Seven banks have been appointed as lead arrangers for the offshore portion of the Tangguh LNG financing. Bank of Tokyo-Mitsubishi, BNP Paribas, Fortis Bank, ING, Mizuho, Standard Chartered and SMBC are understood to be the successful arrangers from the 15-20 institutions that bid for the deal. SG is...
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Ascent Energy has closed a $105 million borrowing base facility. Fortis Capital was sole bookrunner, lead arranger and administrative agent. Participant banks are Hibernia National Bank, Royal Bank of Scotland, Compass Bank and Sterling Bank.
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Freeport LNG has closed a $383 million private placement to fund construction of a Gulf Coast LNG facility. The deal closed on 19 December, and attracted support from nine institutional investors. The placement completes the project's funding requirements for phase 1 - a 1.75 billion cubic feet per ...
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Financing for the $5.8 billion Qatargas 3 project signed on 20 December. First drawdown on the debt will take place in the week beginning 26 December. Sponsors on the deal are Qatar Petroleum (68.5%), ConocoPhillips (30%) and Mitsui & Co (1.5%), and their financial adviser is SG.
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Informal approaches have been made to banks about a possible refinancing of the debt package for train 1 of the Egyptian LNG (ELNG) project at Idku sponsored by BG Group, Petronas, Egyptian General Petroleum Corporation, Egyptian Natural Gas Holding Company and Gaz de France. SG CIB is acting as fin...
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Emirates Bank International, Gulf International Bank, Mashreqbank and Standard Chartered have joined the Islamic financing for the upgrade of the Jebel Ali condensate refinery in Dubai sponsored by Emirates National Oil Company (ENOC).
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The RFP for the commercial debt backing Indonesia's biggest ever LNG project - Tangguh LNG - has attracted 15 to 20 bidders.
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Reliance looks for refinery expansion
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November 2005
Calpine has suffered a legal defeat in its plans to improve liquidity through asset sales. A Delaware Court of Chancery ruling means that Calpine cannot use the proceeds of a sale of natural gas assets to pay for fuel supplies for its generating fleet. Moreover, the ruling has set an indication ...
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Syndication of the $7.5 billion corporate bridging facility to fund the purchase by Russian state-owned Rosneft of a 10.7% stake in Gazprom has closed.
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Bank bids have been submitted for the $8.5 billion (total cost) Rabigh refinery and petrochemicals project in Saudi.
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General syndication of the J5 Nakilat LNG shipping deal has launched. The financing will support the build and 25-year charter of eight LNG tankers to service the RasGas III project in Qatar.
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Neither high oil prices, nor continued disinterest on the part of majors has yet led to a boom in North Sea deals. Merger mania, as well as aggressive bank entrants, may change this. Michael Marray reports.
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26 MLAs snag Qatargas 3
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Scotia Gas Networks has completed Europe's first securitisation of gas distribution networks by wrapping up a £2.2 billion placement in the capital markets. The proceeds will take out the £2.082 billion debt used in the £3.162 billion purchase of Southern Gas Networks and Scotland Gas Networks f...
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Targa Resources has completed the acquisition of Dynegy's midstream gas business, thanks to a $2.5 billion package of bonds and loans. The acquisition overcame hurricane season in the Gulf of Mexico, and an aggressive capital structure, to bring in strong interest from lenders. At a stroke, Targ...