Bid & Tender
Banagas Raises Loan for its Gas Processing Expansion Facility

Date : Apr 27, 2017

The Bahrain National Gas Expansion Co (Banagas), a subsidiary of the country's National Oil and Gas Authority, signed a $515 million syndicated loan that will back part of the expansion of its gas processing facilities, the company said in a statement.


GIB Capital advised the company, which is also known as Tawseah. The loan will finance a central gas processing train with a capacity of 350 million standard cubic feet per day, as well as pipeline and storage facilities at Sitra Wharf.


Carrying an eight-year tenor, the loan saw the participation of local and regional banks including Bank of Bahrain and Kuwait, Gulf International Bank, Ahli United Bank, Arab Bank, Bahrain Islamic Bank, National Bank of Bahrain and the Bahraini arm of National Bank of Kuwait.