Bahrain's Nogaholding Secures $570 Million Islamic Loan

Reuters

DUBAI, March 30 (Reuters) - Nogaholding, the holding company for oil and gas assets owned by the government of Bahrain, signed to obtain a five-year, $570 million murabaha financing facility, it said on Wednesday.

The Islamic funding will support investment in a number of large oil and gas projects in the kingdom, including the BAPCO Modernisation Programme, a liquefied natural gas import terminal, and the Bahrain Gas Plant Project, it said.

The facility is provided by 10 international, regional and local institutions: Arab Banking Corp, Ahli United Bank, Arab Petroleum Investments Corp, Gulf International Bank, National Bank of Bahrain, Qatar Islamic Bank, Kuwait Finance House, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas and HSBC.

Murabaha financing is a cost-plus-profit arrangement which complies with Islamic finance standards. The facility is 60 percent larger than originally envisaged, the company said; in November, Reuters reported that Nogaholding was seeking a $350 million sharia-compliant loan, the first for the group. Pricing details were not given.

(Reporting By Hadeel Al Sayegh; Writing by Tom Arnold; Editing by Andrew Torchia)

Copyright 2016 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Principal - Oil & Gas
Expertise: Executive
Location: Houston, TX
 
VP Sales - Oil & Gas - Automation, Electrical Distribution
Expertise: Business Development
Location: Houston, TX
 
Technical Director
Expertise: Executive
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $47.35/BBL 3.18%
Light Crude Oil : $45.93/BBL 3.25%
Natural Gas : $2.99/MMBtu 1.01%
Updated in last 24 hours