Gulf LPG Transport Company, a Qatari liquefied petroleum gas (LPG) shipping company owned jointly by Milaha and Nakilat, has secured $200mn financing from QNB in a deal brokered by Nakilat.
The transaction was completed with attractive rates reflecting Gulf LPG’s financial strength and credit quality.
Gulf LPG owns, manages and operates four Qatari-flagged VLGC (Very Large Gas Carrier)-class LPG carriers — ‘Al Wukir’, ‘Bu Sidra’, ‘Lubara’ and ‘Umm Laqhab’. Nakilat has the lead role in the management, operations and financing of the Gulf LPG fleet.
“The transaction with QNB demonstrates our ability to attract significant financing to projects and further cements Nakilat’s strong reputation in the financial community,” Muhamad Ghannam, chairman of Gulf LPG and managing director of Nakilat, said.
Abdulla Mubarak al-Khalifa, general manager (corporate banking) QNB Group said that QNB enjoys a long standing strategic business relationship with Milaha and Nakilat and is proud to be the financing bank for such a significant project.
“The successful completion of this transaction should increase the prospect for future similar transactions for both Gulf LPG and its strategic financial partners,” according to Sheikh Ali bin Jassim al-Thani, chairman and managing director of Milaha.