Banks commit to Barzan gas

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01 November 2011

Banks have committed to the ECA-backed project financing of Qatar’s Barzan gas field development.

Banks have committed to Qatar Petroleum’s export credit agency-backed project financing to develop the Barzan gas field in Qatar.

A group of 31 banks are supporting the $6.6 billion debt financing expected to reach financial close at the end of November. Financing is believed to be split between a $3.2 billion term loan, a $1.35 billion direct loan from ECAs, and a $1.35 billion commercial loan guaranteed by ECAs. All three tranches have a 16-year tenor. There is also a fourth $850 million tranche of Islamic financing, as well as...

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