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Unit of UAE’s NBAD provides $110 mln NPCC financing

Vessel is under construction in Chinese shipyard and is scheduled for delivery in 2012.

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April 9, 2011 9:37 by



National Bank of Abu Dhabi said on Saturday its leasing unit finalised a 404 million dirham ($110 million) financing for National Petroleum Construction Company (NPCC) to construct and lease a new vessel.

Abu Dhabi National Leasing Co provided the seven-year financing for the vessel to be used by NPCC in its offshore operations, the bank said in a statement.

The vessel is under construction in a Chinese shipyard and is scheduled for delivery in 2012.

NPCC is 70-percent owned by the Abu Dhabi government’s General Holding Corporation and 30 percent by Consolidated Contractors Group. ($1=3.672 dirhams) (Reporting by Stanley Carvalho, editing by Firouz Sedarat)



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