April 17, 2017 / 11:07 AM / 7 months ago

Bahrain National Gas Expansion Co raises $515 mln loan

DUBAI, April 17 (Reuters) - Bahrain National Gas Expansion Co, a subsidiary of the country’s National Oil and Gas Authority, signed a $515 million syndicated loan that will back part of the expansion of its gas processing facilities, the company said in a statement.

GIB Capital advised the company, which is also known as Tawseah.

The loan will finance a central gas processing train with a capacity of 350 million standard cubic feet per day, as well as pipeline and storage facilities at Sitra Wharf.

Carrying an eight-year tenor, the loan saw the participation of local and regional banks including Bank of Bahrain and Kuwait, Gulf International Bank, Ahli United Bank, Arab Bank, Bahrain Islamic Bank, National Bank of Bahrain and the Bahraini arm of National Bank of Kuwait. (Reporting by Davide Barbuscia; Edited by Andrew Torchia)

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