UAE lender ADIB lends $300 mln to Al Jaber Energy Service
ADIB won contracts from Abu Dhabi Gas Development Company to build infrastructure as part of the $12 billion Shah gas project.
August 24, 2010 12:50 by Reuters
Abu Dhabi Islamic Bank said on Tuesday it signed a $300 million loan facility with Al-Jaber Energy Services to finance the Shah gas project.
Al Jaber Energy Services is part of Abu Dhabi-based privately owned Al Jaber Group. It won contracts from Abu Dhabi Gas Development Company to build infrastructure as part of the $12 billion Shah gas project.
The Shah project is to produce gas, but it also requires multi-billion dollar investment in gas processing facilities.The plant would process about 1 billion cubic feet per day (cfd) of raw gas to pump around 540 million cfd of gas fit for consumption to the UAE’s grid.
The project is expected to start operations in 2013.
The 16-month financing deal was signed on Tuesday, the bank said in a statement. No other details were given.
(Reporting by Stanley Carvalho, editing by Reed Stevenson)