The H.E.
Shaikh Mohamed bin Khalifa Al Khalifa, the Minister of Oil, congratulated the
Oil and Gas Holding Company, the chairman and members of the board of directors
of Bahrain LNG W.L.L on winning the “Middle East ECA Finance Deal of the Year”
award at the 2017 Venice Global Borrowers’ Summit held recently in Vencie -
Italy. H.E. Shaikh Mohamed expressed gratitude to the wise leadership for their
directives and support to the oil and gas sector.
On this
occasion, H.E. Shaikh Mohamed expressed his appreciation for the initiative
demonstrated in growing Bahrain’s oil and gas sector saying: “This strategic
project represents an integral part of Bahrain’s infrastructure and central
plans to become an industry hub that will continue to supply the industry with
its requirements of natural gas, leading to sustainable national economic
growth. This will ensure the Kingdom’s continued expansion and development in
the energy sector and beyond, as well as a testament to the achievements of
noga’s strategic projects.”.
The award was
received by Mr. Qaisar Zaman, Chairman of Bahrain LNG W.L.L and General Manager
of Investments at nogaholding. The Award was presented during a prestigious
Gala dinner which was held as part of the Summit and attended by more than
1,000 finance industry experts and finance professionals from over 300
companies across the world.
Dr. Dhafer Al
Jalahma, Acting Chief Executive of nogaholding expressed thanks and
appreciation to H.E. Shaikh Mohamed bin Khalifa Al Khalifa, the Minister of
Oil, for his direction and support to Bahrain LNG. He also expressed
appreciation to the constructive role played by all the employees in the
company. He also praised the efforts of the Korea Trade Insurance Corporation
(KSURE), sponsors and supporters who contributed to this major achievement,
which aims to enhance Bahrain’s domestic gas production.
Bahrain LNG is
a joint venture owned by the Oil and Gas Holding Company (30%), Teekay LNG
Partners L.P. (30%), Gulf Investment Corporation - GIC (24%) and Samsung
C&T (16%). A consortium of nine international and regional banks are
financing the project with US $741m for a period of 20 years.
The project, located in Al Hidd industrial area in
Muharraq, will consist of a Floating Storage Unit (FSU), an offshore LNG
receiving jetty and breakwater, an adjacent regasification platform, a subsea
gas pipeline from the platform to shore, an onshore gas pipeline and gas
receiving facility, and an onshore nitrogen production facility. This project
is due for completion in early 2019 and will have a capacity of 800 million
standard cubic feet per day.
