Nakilat Venture Obtains $662 Million Refinancing to Expand FleetShaji Mathew
Qatar Gas Transport Co., the operator of liquefied natural gas vessels, said its joint venture with Angelicoussis Shipping Group Ltd. obtained $662.4 million in refinancing as the company expands its LNG fleet.
Maran Nakilat Co. signed the Islamic refinancing agreement with Qatar Islamic Bank and Barwa Bank, the company, also known as Nakilat, said in a statement to the Qatar Exchange today. Latham & Watkins advised Maran Nakilat, while Allen & Overy advised Qatar Islamic Bank and Barwa Bank.
The refinancing will help Maran Nakilat, which was set up in 2005, expand its fleet of LNG carriers to six vessels from four with their delivery expected in early 2014. Nakilat also increased its ownership of Maran Nakilat, according to the statement, which didn’t provide further details.
Qatar has the capacity to produce as much as 77 million tons a year of LNG, making it the world’s biggest exporter of the fuel chilled for shipment by sea. Nakilat operates a fleet of 54 vessels, which are leased on long-term contracts to QatarGas and RasGas.
Nakilat’s shares have gained 21 percent this year, compared with a 12 percent gain for the benchmark QE Index. Three analysts recommend buying the stock, while one has a hold rating, according to data compiled by Bloomberg.