Dolphin Energy raises $863 million for pipeline expansion
Dolphin Energy, the company controlled by the Abu Dhabi government, that produces and transports natural gas to the UAE and Oman, has secured a 15-year $863 million loan from banks, according to Abu Dhabi fund Mubadala.
Since the project achieved full throughput in February 2008, Dolphin Energy has been delivering 2 billion scf of natural gas per day to the UAE and Oman. It is meeting 30% of the UAE’s energy requirements and delivering significant volumes of natural gas to each of the country’s seven emirates.
Mubadala owns 51 per cent of Dolphin Energy while Total and Occidental Petroleum Corp each hold 24.5 per cent.
According to sources, the firm planned to raise $1 billion and had invited banks for a financial advisory role in early May.At the time, Dolphin was looking for what bankers termed “incremental finance” to the originally raised $3 billion through a combination of loans and a bond in 2009.
In 2011, some of the initial financing was refinanced through a further bond issue in 2011 worth $1.3 billion.
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