Gulf Petrochem clinches $150mn financing from GCC banks

By James Henderson
Gulf Petrochem Group (GP), has successfully raised $150mn from a group of international and local financial institutions based in the GCC.

Gulf Petrochem Group (GP), has successfully raised $150mn from a group of international and local financial institutions based in the GCC.

In an environment of continued low global oil prices, the financing will be used to support the group’s activities around the world.

The borrowing will take the form of an eight-year term loan which was provided by a syndicate of banks led by Emirates NBD. IL&FS acted as the Financial Advisor, while the National Bank of Fujairah will be the security agent for the financing.

The participating banks are Al Ahli Bank of Kuwait, United Arab Bank, Bank of China, ICICI Bank, Mashreq Bank amongst others.

SEE ALSO:

Speaking about the deal, GP’s Group Director, Prerit Goel, said: “Amidst current market conditions it is a testament to our operations and business plans that we were able to raise this amount of capital.

“The banks involved have all expressed their admiration of our robust growth plans. As a group, we are determined to stay the course and to deliver on our long-term strategic ambitions.

“Following the closure of this raise, we are currently studying to tap the capital markets with a strong focus on the Islamic finance and Sukuk market in Asia particularly, Malaysia and Indonesia.”

 

Share

Featured Articles

Honeywell debunks hydrogen energy and its global challenges

Maya Gomez, Director of Green H2 CCM at Honeywell, uncovers the different types of hydrogen and the challenges of applying them for more sustainable energy

ABB Motion & WindESCo partner to strengthen wind energy

ABB Motion invests in WindESCo to sustain wind turbine performance, in a renewable energy drive that will help ABB in its net zero ambitions

Shell Energy UK and Germany acquired by Octopus Energy

Octopus delivers industry leading service whilst investing in clean energy systems — we will deliver this to the new customers too, says CEO Greg Jackson

Sustainability LIVE links to energy and electrification

Sustainability

Green energy: A hot topic at Sustainability LIVE 2023

Sustainability

Sustainability LIVE London sells out on 2023 conference

Sustainability