Dolphin Splashes On Debt, Stranded By Gas Impasse

UAE-based Dolphin Energy has obtained $863mn of project debt in addition to its current $2.6bn. The loan has been provided by three banks, according to Project Finance International (PFI): Japan’s MUFG (which also acted as advisor), Japan’s SMBC and France’s BNP Paribas.

The loan runs for 15 years. Bank loans were chosen rather than bonds because the deal was closed quickly – within six months – and the pricing was competitive although details were not disclosed, PFI says. However, Dolphin’s longer term financial outlook is clouded by an impasse over increased gas supplies from Qatar.

Dolphin Energy is owned 51% by UAE state-owned development company Mubadala and 24.5% each by France’s Total and US firm Occidental Petroleum. The company operates two gas production platforms offshore Qatar, which supply wellhead gas to a processing plant at Ras Laffan, from where sales gas is exported by pipeline to the UAE and Oman.


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