Gulf LPG Transport Company has secured financing of US$200mn from Qatar National Bank (QNB) in a deal brokered by Qatari gas transporter Nakilat
Qatari liquefied petroleum gas (LPG) shipping company Gulf LPG, who is jointly owned by Nakilat and Milaha, 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.
"Nakilat values the strong partnership we have with Milaha and the achievements of Gulf LPG reflect the success of this synergy. The transaction with QNB demonstrates our ability to attract significant financing to projects. We look forward to further collaboration with QNB and with other Qatari banks," said Muhammad Ghannam, chairman of Gulf LPG and managing director of Nakilat.
Abdulla Mubarak Al Khalifa, general manager, Corporate Banking at QNB Group, said, “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.”
Sheikh Ali bin Jassim Al Thani, chairman and managing director of Milaha, said, "Milaha's established strategic relationship with Nakilat is highly regarded. The successful completion of this transaction should increase the prospect for future similar transactions for both Gulf LPG and its strategic financial partners. We would also like to thank QNB for their support to the Qatari shipping industry."
