Al khaliji to fund Barzan gas project
Doha, January 4, 2012
Al Khalij Commercial Bank (al khaliji), one of Qatar’s leading banks, said it was committed to play a major role in the energy sector through financing of the ambitious Barzan gas project.
The $10.4 billion Barzan project is a JV between Qatar Petroleum and ExxonMobil to produce and process gas from Qatar’s North Field.
The Barzan project received the largest direct bank financing amongst energy projects, said a senior official.
Al khaliji Group CEO Robin McCall remarked, "We are proud and honored to have al khaliji’s name associated with Barzan gas, which is another important milestone in the country's energy infrastructure development."
"With corporate and industrial clientele playing a key role in al khaliji's growth, the Bank is looking to expand its role in financing the energy sector," he stated.
The project is expected to supply 1.4 billion cu ft per day of gas, with the first gas flow planned for late 2014.
The gas produced by Barzan will serve the energy requirements of power stations and industries in Qatar and go a long way in meeting the country’s growing requirements for clean-burning natural gas, said the official.
The ethane produced by the project will be supplied to the country’s petrochemicals industry.
"Al khaliji is more than keen to play an important role in the energy sector, and has recently extended financing to various other projects in the industrial city of Ras Laffan," McCall added.
Headquartered in Doha, al khaliji is one of Qatar’s leading commercial banks and a member of the Qatar Exchange Index, with around QR23.85 billion ($6.54 billion) in total assets and QR11.58 billion in customer deposits as of September 30, 2011.-TradeArabia News Service