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JBIC Participates in Project Financing for Barzan Gas Project
Strengthening Multi-Layered Relations with Resource-Endowed Country through Financial Support for Export of Large Plant

  • Region: The Middle East
  • Energy and Natural Resources
  • Machinery and Equipment
  • Export Loans
  • Project Finance
NR/2011-60
December 21, 2011
  1. The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed a buyer’s credit agreement*2 totaling up to 600 million U.S. dollars (JBIC portion) with Barzan Gas Company Limited (BARZAN), a company incorporated in the State of Qatar. The loan, provided in project financing,*3 is cofinanced with Sumitomo Mitsui Banking Corporation (SMBC; leading arranger), The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Corporate Bank, the Tokyo branch of Australia and New Zealand Banking Group Limited and the Tokyo branch of The Hongkong and Shanghai Banking Corporation Limited, with Nippon Export and Import Insurance (NEXI) providing Buyer’s Credit Insurance for the portion of 600 million U.S. dollars financed by private financial institutions. The total financing amounted to 1.2 billion U.S. dollars.
     
  2. This Project will be undertaken by BARZAN, a joint venture in which Qatar Petroleum, a state-owned oil company in Qatar, and an affiliate of Exxon Mobil Corporation, a U.S. corporation, have equity stakes. It consists of drilling offshore natural gas fields in Qatar’s North Field, transporting the extracted gas through the pipeline to Ras Laffan Industrial City, located on the northeastern coast of the country, and producing fuel gas for power generation mainly to meet the domestic demand in Qatar, and gas condensate and other petroleum products for exports in international markets. JBIC is to partly finance the construction cost of the country’s largest natural gas treatment facilities, for which JGC Corporation was awarded the contract.
     
  3. In Qatar, the country that will host the FIFA World Cup in 2022, the fast-growing economy has been substantially increasing demand for electricity. For this reason, this project is considered to be of paramount importance in order to ensure stable energy supply, while meeting the increasing domestic demand for natural gas. With this loan, JBIC will support the export of Japanese plants and equipment. At the same time, by contributing to Qatar’s stable economic development, JBIC seeks to strengthen multi-layered relations with Qatar, an important supply source of resources to Japan.
     
  4. JBIC will continue to support the export of Japanese firms’ machinery and equipment for overseas plants and the expansion of Japanese overseas business operations by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming function.
     
Note
  1. *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
  2. *2 This agreement was signed among the relevant parties on December 13, 2011. However, due to legal procedures being conducted, the agreement became effective on December 21, 2011.
  3. *3 Project finance is a financing scheme in which repayments are made solely from cash flows generated by the project and secured only on the project assets.

 

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