The Dolphin Gas Project is a unique strategic regional energy initiative, which comes on stream in 2006. It involves the development of substantial natural gas reserves from Qatar's offshore North Field, their processing onshore at Qatar's Ras Laffan – and transportation by export pipeline of up to 3.2 billion cubic feet a day (bcf/d) capacity of refined natural gas to the UAE. With the award of the major engineering, procurement, and construction contracts earlier this year, Dolphin is now entering a phase of heavy expenditure.
The five year deal, with initial pricing of 45 basis points over Libor, is expected to be refinanced with the proceeds of permanent project financing well before the maturity of the bridge loan.
Dolphin appointed Abu Dhabi Commercial Bank to serve as Documentation Bank, Barclays Capital to serve as Co-Documentation Bank, National Bank of Abu Dhabi to serve as Facility Agent, and First Gulf Bank and HSBC to serve as Security Trustees.
Dolphin Energy Limited was created to develop substantial energy projects throughout the GCC. Its objective is to create long-term economic wealth and new business opportunities for GCC citizens, far into the future.
Dolphin Energy's major strategic initiative, the Dolphin Project, involves the production and processing of natural gas from Qatar's North Field, and transportation of the dry gas by pipeline to the UAE, beginning in 2006.
Dolphin Energy's first initiative, the Al Ain to Fujairah Pipeline, came on stream in January 2004.The pipeline supplies the Fujairah Water and Power Plant on the UAE's East Coast – initially with natural gas from Oman, and subsequently with Dolphin gas from Qatar.
Dolphin Energy is owned 51 percent by Mubadala Investment Company, on behalf of the Government of Abu Dhabi – and 24.5 percent each by Total of France and Occidental Petroleum Corporation of the USA.
Most Popular Articles