Barwa Bank finances Qatar Petroleum unit
Doha, December 29, 2013
Barwa Bank, a top Shari’ah compliant bank, has provided Qatar Petroleum International Upstream OPC, a fully owned subsidiary of Qatar Petroleum International (QPI), $123 million in a finance facility.
This facility will be utilised to part finance Qatar Petroleum International Upstream OPC for its investment in Total’s operations in the Republic of Congo. The investment is through a share capital increase in Total E&P Congo resulting in QPI holding a 15 per cent share of the company.
Barwa Bank’s CEO Steve Troop said that the bank’s involvement is a sign of its dedication to supporting the Qatar global investment strategy and regional cooperation.
Khalid Al Ahbabi, general manager, Wholesale & Business Banking, Barwa Bank added: “The selection of Barwa Bank for this deal is an important achievement for us financially and strategically. With Barwa Bank’s expertise in arranging project financing we are fast becoming a strategic choice for major local, regional and international companies.” – TradeArabia News Service