Nigeria Liquefied Natural Gas Company (NLNG) has reportedly selected two banks to source $1.6billion in loans for its planned LNG new building programme.
France’s BNP Paribas and GT Bank have been appointed to lead the fundraiser, reportsReuters, quoting a source close to the deal.
NLNG said a year ago it had contacted global banks to appoint advisers in order to explore the best option to raise funds.
The banking source said that the loan was being structured as a medium to long term financing with the close expected by the end of March 2013.
Last month, TradeWinds reported that the six-ship order will be split between Samsung Heavy Industries and Hyundai Heavy Industries.
Industry insiders reveal that Samsung is poised to sign up to build four LNG carriers, while compatriot Hyundai is expected to net two ships.
The vessels are likely to be of around 170,000-cbm-plus in size for delivery from the yards in Korea sometime between 2015 and 2016.
NLNG is expected to order the vessels directly and operate them through its shipping arm, Bonny Gas Transport (BGT).
Nigerian National Petroleum Corporation (NNPC) controls 49 per cent of six-train NLNG, while Shell is on 25.6 per cent, Total on 15 per cent and Italy’s Eni on 10.4 per cent.
NLNG was set up over two decades ago to harness Nigeria’s natural gas resources and produce liquefied natural gas and natural gas liquids for export.
It has long-term supply contracts with buyers in Italy, Spain, Turkey, Portugal and France and also sells on the spot market.
Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.
