Page 12 - MEOG Week 19 2022

MEOG NEWS IN BRIEF MEOG

COMPANIES Financing Rate (SOFR), with a maturity date participation of several financial institutions
of September 2026. highlights our strong credit. The refinanced
Motor Oil inks two deals in linked corporate financing facility, utilizing facility will allow nogaholding to cover its
This is the Company’s first sustainability-
CAPEX program for 2022 aimed at increasing
UAE sustainability KPIs related to Green House scale and diversification of its oil and gas
Gas (GHG) emission reduction as well as
assets and achieving goals that align with the
Motor Oil group signed two business safety measures, including Lost-Time Injury United Nations Sustainable Development
cooperation agreements in the fields of frequency rate. This first-of-its-kind facility Goals (SDGs) included in the Bahrain
renewable energy sources and in particular for nogaholding paves the way for sustainable Economic Vision 2030,” he added.
offshore wind parks and liquefied natural gas funding in the Kingdom of Bahrain, Jamal Al Kishi, CEO of Gulf International
with the United Arab Emirates during the promoting ethical ESG-driven transactions Bank, said: “We are delighted to have had
Greek prime minister’s official visit to Abu within the energy sector and the region. the opportunity to work with The Oil and
Dhabi on Monday. nogaholding received strong participation Gas Holding Company (“nogaholding”)
Abu Dhabi’s National Oil Company from regional banks across the Kingdom on this landmark transaction. The strong
(ADNOC) and Motor Oil signed a of Saudi Arabia, the United Arab Emirates, participation from investors was a testament
strategic framework agreement to explore Kuwait, Bahrain, and South Asia. The Facility to their confidence in both the company and
opportunities for the supply of LNG to was more than two times oversubscribed, the Bahraini economy. At the heart of the
Greece, including the future offshore LNG with participation from 22 banks, making it successful closure of this transaction was
storage facility and the floating storage and the largest sustainability-linked loan facility in nogaholding’s commitment to the Kingdom
regasification unit (FSRU) of Dioriga Gas, Bahrain and the region. of Bahrain’s sustainability drive. GIB is
along with exploring other opportunities Gulf International Bank (GIB) and particularly honored to have partnered with
for cooperation in the Dioriga Gas terminal Mashreqbank psc (Mashreq) together acted nogaholding on this sustainability-based
station. as the Initial Mandated Lead Arrangers and funding initiative.”
Motor Oil also signed a memorandum Bookrunners (IMLABs) for arranging the Ahmed Abdelaal, Group Chief Executive
of understanding with Abu Dhabi Future Facility, along with being the Sustainability Officer of Mashreq, said: “As a leading
Energy Company (Masdar) over the possible Coordinators. Al Ahli Bank of Kuwait - DIFC regional financial institution with a global
development of offshore wind parks and other Branch, GIB, and Mashreq together acted presence, Mashreq is keen to continue
projects concerning renewable energy sources as Joint Coordinators, the Initial Mandated to play an active role in supporting the
in Greece. Lead Arrangers, and Underwriters for the Kingdom of Bahrain as well as the sustainable
EKATHMERINI transaction. GIB was also appointed as the development of the region’s energy sector.
Sole Structuring Bank and the Global Facility We are therefore proud to have supported
nogaholding closes Agent. nogaholding as one of the; joint coordinators,
Commenting on the announcement,
joint book runners, joint sustainability
refinancing and upsizing of Group Chief Executive Officer of coordinators, and initial mandated lead
nogaholding, Mark Thomas, said: “As we
arrangers in successfully refinancing its
Murabaha facility continue to develop our energy strategy USD 1.6 bn Murabaha facility and upsizing
for the Kingdom of Bahrain, we are proud
it to USD 2.2 bn. The loan underscores
Bahrain’s Oil and Gas Holding Company to have set the benchmark as the largest nogaholdings commitment to action the
B.S.C. (c) (“nogaholding”) successfully sustainability linked refinance in the history of broader framework of decarbonization and
refinanced its USD 1.6 bn Murabaha facility the Kingdom, and to set a precedent with our energy transition. This transaction also
and upsized it to USD 2.2 bn. The new dual-tranche sustainability-linked facility.” underscores the growing commitment from
facility was structured as a dual-tranche “We are pleased with the support we have regional investors and financial institutions
(conventional and Islamic) sustainability- received from banks across the region. With to fund Sustainability-Linked transactions.
linked loan based on a Secured Overnight more than two times oversubscription, the We believe that collaboration between

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