QP and Sasol appoint debt arrangers for joint GTL project in Ras Laffan
Qatar Petroleum (QP) and Sasol Synfuels International (SSI) have jointly appointed 15 banks as lead arrangers in the $700 million non-recourse debt financing of their gas-to-liquid (GTL) project at Ras Laffan Industrial City in Qatar.
Sasol Synfuels International will provide a take-or-pay commitment for 100 percent of the project's gas-to-liquids (GTL) products.
The Royal Bank of Scotland is acting as financial adviser and Linklaters as international legal counsel. Qatar Petroleum owns 51 percent and Sasol Synfuels International 49 percent of the joint venture.
Commercial production is scheduled to commence by the end of 2005 at an initial capacity of approximately 33 000 barrels per day, comprising approximately 24 000 barrels of GTL diesel, 8, 000 barrels of GTL naphtha and 1,000 barrels of liquefied petroleum gas (LPG).
The front-end engineering and design of the project has been completed and engineering, procurement and construction (EPC) bids are now being evaluated.
The Sasol Slurry Phase Distillate Process, developed and operated by Sasol in South Africa on a commercial scale since the early 1990's to convert natural gas into environmentally friendly GTL diesel, GTL naphtha and LPG, will be used on the project. — (menareport.com)
© 2002 Mena Report (www.menareport.com)