BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News





Gulf Petrochem targets 'global growth' following $150m financing deal

31 Jul 2017 09:28 GMT

Eight-year term loan provided by a syndicate of banks led by Emirates NBD.



Gulf Petrochem Group (GP) has confirmed that it has raised $150 million from a group of local and international financial institutions based in the Middle East.

The UAE-headquartered firm said the eight-year term loan was provided by a syndicate of banks led by Emirates NBD and including Al Ahli Bank of Kuwait, United Arab Bank, Bank of China, ICICI Bank and Mashreq Bank, amongst others.

According to GP, the loan was "competitively priced" with a spread over the London Interbank Offered Rate (LIBOR). IL&FS acted as financial advisor.

GP said the the financing will be used to support its activities around the world.

Commenting on the news, GP's Group Director, Prerit Goel, noted: "Amidst current market conditions it is a testament to our operations and business plans that we were able to raise this amount of capital. The banks involved have all expressed their admiration of our robust growth plans. As a group, we are determined to stay the course and to deliver on our long-term strategic ambitions."

"Following the closure of this raise, we are currently studying to tap the capital markets with a strong focus on the Islamic finance and Sukuk market in Asia particularly, Malaysia and Indonesia."

Salah Mohammed Amin, Executive Vice President, Corporate Banking, Emirates NBD, remarked: "The positive response for this facility confirms the interest in key sectors in the UAE and the trust endorsed to Gulf Petrochem Group's strong financial position despite the difficult market conditions. Since the beginning of the year, we have arranged a number of syndicated loan transactions. This transaction further cements our footprint in the local market."

Sreehari Iyer, GP's Group CFO, said: "This competitive new source of funding will help us to achieve our global growth ambitions and showcases the financial trust in our business during these uncertain economic times."

Image: Prerit Goel, Group Director at Gulf Petrochem.






Related Links:

Gulf Petrochem launches first UK physical bunker supply operation
Gulf Petrochem launches Russia and Baltic trading desk
'First ever' bunker barge delivery performed in Paradip
Gulf Petrochem outlines European expansion plan for 2017
Gulf Petrochem makes strategic appointment

Latest News:

Ceremonies held for MSC Cruises ships with scrubbers
VLCC with '20%' bunker savings delivered to K Line
Vermont Bunkering and staff charged over fraudulent transactions in Singapore
Oil market seems to be struggling to find direction
Oil and fuel oil hedging market update
Aegean expects to launch 'at least one' new bunker supply service in H1 2018
Peninsula signs storage agreement in Houston with HOFTI
Another day in bearish territory?
Oil and fuel oil hedging market update
Aegean posts net loss and 23.2% drop in gross profit
Wartsila launches gas-fuelled version of world's most efficient four-stroke engine
Singapore updates restrictions on selling bunkers to North Korean ships




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events