Law firm Norton Rose Fulbright advised on the US$741 million financing for the Bahrain LNG terminal project.
It will be the first LNG receiving and regasification terminal in the Middle East developed on a public-private partnership (PPP) basis and is Bahrain’s first LNG project, the law firm said in its statement on Thursday.
With an initial capacity of 400 million standard cubic feet per day, and the option to be expanded to double this capacity, the project will be completed in early 2019.
Norton Rose Fulbright advised on the onshore and offshore aspects of the project in particular the development, construction and shipping aspects, including the long term charter of the LNG FSU, as well as on the financing, which involved a syndicate of nine international and regional banks participating in the $741 million loan.
The project will comprise a floating storage unit, an offshore LNG receiving jetty and breakwater, an adjacent regasification platform, subsea and onshore gas pipeline connecting the regasification platform to an onshore gas receiving facility, and an onshore nitrogen production facility.
Bahrain LNG, the developer and owner, is jointly owned by nogaholding (30%) and a consortium consisting of Teekay LNG Partners (30%), Gulf Investment Corporation (24%) and Samsung C&T (16%). The project was awarded to the consortium in December 2015.