The meeting came as divisions grow in Europe over the proposed tariffs
The company hired Royal Bank of Scotland Group to arrange financing for its $6.5 billion petrochemical project with Royal Dutch Shell, according to four people familiar with the plan. Doha-based Qatar Petroleum’s head of project finance, Meshaal Al Mahmoud, said last year the company will also raise funds for a $5.5 billion venture with Qatar Petrochemical Co. Together, the plants represent the biggest projects since the $10.3 billion Barzan gas development in 2011.
The state backing for the energy company is a “strong guarantee” for the lending banks and should help Qatar Petroleum’s financing plan, said Montasser Khelifi, a senior manager for global markets at Quantum Investment Bank Ltd. Qatar Petroleum, rated the third-highest investment grade at Moody’s Investors Service, should be able to get a lower spread than telecommunications provider Ooredoo QSC, he said.
Doha-based Ooredoo paid 85 basis points above Libor for a $1 billion revolving credit facility in April, according to data compiled by Bloomberg. Qatar Petroleum paid 2.19 per cent over Libor at the end of 2011 for $3.34 billion in bank loans to help finance the Barzan natural-gas project.
The yield on Qatar’s 6.55 per cent bond maturing in April 2019 rose 92 basis points since the beginning of May to 2.99 per cent on Wednesday amid signs the US Federal Reserve will reduce its stimulus program. That’s still less than the 140 basis point increase to 4.6 per cent for Middle East sovereign debt, according to HSBC/NASDAQ indexes, and 70 basis points below the level the Qatari debt was at the end of 2011.
The meeting came as divisions grow in Europe over the proposed tariffs
Around 44% of total financing had a climate financing component
World Cup-winning coach Dav Whatmore asked the young boy to watch YouTube videos of his favourite batsman
Flare-up in Middle East tensions also supporting oil
Weekly jobless claims fall 12,000 to 219,000
Volkswagen said this month it needed to cut costs significantly
Many told the war revived traumas of past conflicts with some suffering panic attacks after hearing Israeli sonic booms or other loud bangs
Dubai’s real estate market continues to be a global hotspot