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GIB to invest in LNG vessel

Gulf International Bank (GIB) is to structure and arrange financing for an LNG ship in the Sultanate of Oman.

Gulf International Bank (GIB) is to structure and arrange financing for an LNG ship in the Sultanate of Oman. GIB is the sole lead arranger of the US $155 million loan to Energy Spring LNG Carrier, a Panama-registered company owned by Oman Shipping Company and Mitsui OSK Lines of Japan.

The transaction involves the purchase of the vessel Sohar LNG from Greenfield Shipping Company Ltd, a Malta-registered entity.

“We are very pleased to have concluded this unique and challenging transaction that demonstrates GIB’s leading capabilities in structuring innovative financing vehicles,” says Dr Khaled M. Al-Fayez, GIB’s chief executive officer.

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