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Dolphin signs USD1.36 billion loan agreement

United Arab Emirates: Wednesday, July 21 - 2004 @ 16:38

The proceeds of the loan will be used to fund a portion of the construction and operating costs for the multi-billion Dolphin Project.

The Dolphin Gas Project is a unique strategic regional energy initiative, which comes on stream in 2006. It involves the development of substantial natural gas reserves from Qatar’s offshore North Field, their processing onshore at Qatar’s Ras Laffan – and transportation by export pipeline of up to 3.2 billion cubic feet a day (bcf/d) capacity of refined natural gas to the UAE. With the award of the major engineering, procurement, and construction contracts earlier this year, Dolphin is now entering a phase of heavy expenditure.

The five year deal, with initial pricing of 45 basis points over Libor, is expected to be refinanced with the proceeds of permanent project financing well before the maturity of the bridge loan.

Dolphin appointed Abu Dhabi Commercial Bank to serve as Documentation Bank, Barclays Capital to serve as Co-Documentation Bank, National Bank of Abu Dhabi to serve as Facility Agent, and First Gulf Bank and HSBC to serve as Security Trustees.

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Wednesday, July 21- 2004 @ 16:38 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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